Since the media laps up this drivel uncritically, I’ll just add that you need to believe one of two things for this to be true:

1) there are a ton of companies willing to borrow wide of where they could issue in the public IG markets; or 2) there is a ton of capital willing to get put to work in illiquid credit with no spread premium. I’m guessing we’re gonna see the latter if Rowan et al are right. Caveat emptor!