Looking for Stress Cracks in Corporate Debt

(1) Cool-Hand Jay not too worried about NFC debt. (2) Corporate debt rising to record highs, led by bond debt. (3) Corporate cash flow in record-high territory, boosted by depreciation allowance. (4) NFC liquid assets at record high, with or without equity holdings. (5) NFCs have spent the past several years refinancing and borrowing at record-low bond yields. (6) Fed study sanguine about the impact of a 3% federal funds rate on corporate debt. (7) Credit quality is a mounting issue for NFC debt. (8) Are leveraged loans the new subprime problem? (9) Any credit market blowup would be more likely in private lending than public banking, taking down just rates of return, not the financial system.