Have we finally reached peak credit markets?

It's a question that big names like BlackRock, DoubleLine and Pimco have been asking during this seemingly endless summer of debt.

Signs of froth are everywhere. U.S. high-grade companies, which have already sold almost $1 trillion of bonds this year, are on track to break old issuance records. By some measures, corporate America is deeper in debt than ever before. Junk bonds, yielding on average just 5.8%, have fallen close to post-crisis lows.

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