Private credit has more than doubled in size since 2019, ballooning into a $1.7 trillion industry.
As too much money chases too few deals, covenants are weakening.
Bonds in building materials, diversified financial services, and food and beverage are cheap, he said.
He predicted the Fed will start cutting rates in May or June.
Analysts think it will reverberate broadly through corporate debt, providing opportunities for investors
The increased size, lower quality and lack of liquidity in corporate bond markets are all red flags, he said.
The riskiest bonds are holding their own, suggesting smart credit investors don't sweat the economy.
High yield bonds have shed a fraction of the losses seen in U.S. equities since Oct. 2.
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