When tax codes favour term capital over permanent capital: withholding tax on dividends, no withholding tax on interest payments; tax deductibility of interest, no tax deductibility of dividends, is it any surprise that both investors and issuers favour term capital?

The default rate on all term capital is unusually low due to rate structure; issuers that should be treated as "credits" are getting "sovereign" rates. Repricing credit risk may well be in our future. Index investors enjoy the ride.