This is a very interesting note from DB on credit. This can be read in depth or scanned for highlights, depending on your involvement in the credit markets. But they are highlighting a few key issues. This is worth your time.

"We are entering the latter stages of the current credit cycle, a phase where the current batch of bonds already carries the seeds of the next default wave, and more of those seeds are being sown as we speak. We have not yet arrived at the last station on this journey, a stop where all remaining passengers jump off their seats and rush for the crowded exit. But if you want to remind yourself where your luggage is and which door you are heading for, now would be a good time to do so."