Let me conclude by wishing the graduating students all the best in their future careers, and to wish you all a very successful Conference. 2  BIS Review 161/2008
To date, the default rate on leveraged loans has been at the low end of its historical range, and corporate credit conditions have been favorable, with low interest expenses and low expected default rates. However, if spreads rise sharply or economic conditions deteriorate significantly, we could see downgrades, refinancing challenges, rising delinquencies and defaults, and losses to investors.