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The article describes the condition of the corporate bond market in the U.S. in 2018. It indicates the consequences of investing in corporate bonds in the aging business cycle. Investors are warned about the surge in so-called leveraged loans. Also discussed is the impact of an interest rate increase and corporate leverage on the corporate bond market.

The article discusses investors' rising focus on corporate bonds from emerging markets. Topics discussed include the economic optimism in emerging markets, the rally in Bloomberg's emerging market corporate bond index, and warning to investors about the deterioration of the credit fundamentals of emerging market bonds as reflected on the default of several emerging market issuers in 2015.

The article offers the author's insights on the state of domestic bond market in China. Topics discussed include a wave of defaults in the increase of debt issuance, the decline in the average interest rate paid on outstanding debt in the country according to Hua Chuang Securities, and the spread between interest rates on government and corporate bonds.

The editorial looks at financial systems and financial regulation, as of 2014. It expresses opposition to a proposal to designate some investment funds as systemically important financial institutions (SIFIs), which would subject them to additional regulations in areas including capital reserves. Topics include risk factors in financial crises, the corporate bond market, and hedge fund regulation.