Take Five: Credit crunch at time of rock-bottom rates?

Is it possible we may see a wave of corporate defaults at a time when interest rates are at record lows and falling? In Europe, where many rates are below 0%, signs of stress are emerging as the coronavirus outbreak hits companies' bottom lines. An index of credit default swaps on 75 high-risk European companies compiled by IHS Markit -- the iTraxx Europe Crossover - has surged to the highest in almost four years. The list is pretty diverse: airlines, retailers, carmakers and others all feature.