An aerial view of a facility of the U.K.’s heavily indebted Thames Water, whose bonds trade at bankruptcy levels.
Photo: ben stansall/Agence France-Presse/Getty ImagesThis was supposed to be the year that higher interest rates started to bite, taking down dodgy borrowers who had loaded up on too much debt.
Some are now in trouble.
But investors don’t expect problems to spread far.
I think they are making a mistake, especially if rates march higher.
Persons:
ben
Organizations:
Agence France