Instead of free market finding the proper risk-adjusted yield for a bond, we are swinging between over-regulated squeeze (shut down non-blue chips companies from access to capital) and free-for-all central bank buying bonanza (carpet-buying of corp bonds). It is either very hard for business to get access to capital, or CB makes it excessively easy.

Somehow FT makes is look like it is some "financial engineering" fault that companies are "addicted to debt". How about letting willing debt buyers get into transaction with willing debt sellers? That simple.