Deutsche Bank Says World "Past The Point Of No Return" In The Default Cycle

http://www.zerohedge.com/news/2016-04-11/deutsche-bank-says-world-past-point-no-return-default-cycle

"We continue to live in a low default world for now though. Even though defaults picked up in 2015, B/BB default rates were still comfortably below their long-term average which they have been for well over a decade now with 2009 being the only exception. Indeed last year’s default rate for global Bs (up from 0.9% to 2.7%) was still lower than all of the first two decades of the modern era of leveraged finance up to 2003. So in spite of all the challenges we face this era has been characterized by astonishingly low default rates. There are clear signs the cycle is turning though, especially in the US."