Banks' recent tightening of credit standards could mean an increase in the rate of bond defaults over the next 12 months, analysts said.

Whatever problems may be lurking, they have yet to produce a significant spike in defaults by high-yield borrowers. Indeed, high-yield defaults tracked by Moody's actually dipped to 5.4% in May, after having held steady for several months at 5.6%. But the percentage of issuers who default on their bonds is expected to go as high as 7.9% over the next year, partly as a result of the tightening.

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