"This Time Might Be Different"

For those interested in a big-picture overview of the current debt markets, here is a great discussion from Howard Marks and David Rosenberg of Oaktree Capital. 

The discussion of the long-term outlook for interest rates (will we get back to ultra-low rates any time soon?), the “maturity wall,” and whether debt can now lock in equity-like returns has broad applicability across the debt markets, from high-yield bonds to real estate finance.