I lifted this from a recent Financial Times piece. What I will add for the intrepid reader is a longer time horizon. It is correct to note that spreads are as tight. But while the blue bar in 2021 looks like a blip, it is actually closer to the long term average than 1% today.  And terms and conditions are worse. Caveat Emptor and this matters to equity holders. Yes, interest rates in general are better going lower than higher, but credit availability is the grease that turns the wheel.