Trend is changing

The Lehman crisis was about private sector
The current crisis is sovereign debt crisis in which govt is leveraged and private sector has deleveraged
that’s why Some Italian corporate bonds trade at a negative spread to sovereigns.italy’s luxury carmaker Ferrari and Exor, the owners of Juventus football club, are among a host of companies that can now borrow money more cheaply than the country’s crisis-hit government.

Ritesh Jain