Nothing is making investors more jittery right now than “triple B” investment grade debt suddenly turning to high yield junk status. At the end of last year, more than $200bn in debt for more than 50 companies, including major brands such as Kraft and Ford, were downgraded to junk status.

Recent inflation fears have heightened investor blood pressure as whenever prices start to rise, the pound and dollar in everyone’s pocket weakens. If, and it is a big if, inflation gets to a level where central banks have to raise rates by even just a fraction of a basis point, then the end could be nigh for many companies currently up to their necks in debt.