that because of that, we also have the junkiest investment grade bond market. The investment grade market says a $6 trillion market. Half of that is in triple Bs. Triple Bs right now comprise half of the investment grade market. And they're in the precipice if they get downgraded to be pushed into junk bonds. What's very interesting is that a third of this triple B slice already has a debt to deep ratio that is higher than it is in the entire high yield universe. So they already have a junk balance sheet, but they're not rated as junk yet. So you come out of a fat tightening cycle. And that's a direct consequence of the search for yield. Yeah, it's a direct consequence from the search for yield on the part of investors because they soaked up this debt. But then again, this is a liability on corporate balance sheets. This is going to be the year where they're going to have to meet their debt servicing schedule. This is the first year or five years where we have a tsunami of maturities. (19/57)
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