The increase in corporate debt is worth watching because most of that will have to be refinanced and is thus sensitive to rising interest rates. Much of the pr

The increase in corporate debt is worth watching because most of that will have to be refinanced and is thus sensitive to rising interest rates. Much of the proceeds were used for questionable purposes like repurchasing stock near historic highs instead of investment in the underlying business. This is a proven way to boost short term stock price and EPS, but not so much the capacity to repay. That said, it's disingenuous to compare 10yr treasuries to indices comprised of bonds with a maturity of >=1yr. Issuance skews shorter term that 10 so those indices probably do, too.