David Tawil, Co-founder and Portfolio Manager at Maglan Capital, explains what could cause a wave of corporate defaults that raises the menace of a financial crisis worse than the recession of 2008-2009. A huge debt maturity wall between 2016 and 2020, the expectation of a higher interest rate environment, and highly leveraged companies that are likely to seek debt refinancing may be a dangerous combination. The potential for a contraction in the market for investing in fixed-income securities could throw fuel on the fire.

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