US credit markets have remained impressively stable this year, despite a deepening sell off in equities, punctuated by dramatic but often short-lived rebounds. But market participants are wondering how much longer the dam can hold if this volatility persists.

The Dow, S&P 500 and Nasdaq are down by around 7%, 10% and 15% respectively this year, as investors price in higher interest rates. A flight to floating rate assets is buoying leveraged loan issuance—often at the expense of bonds—but both markets remain open for now.