In just four weeks, COVID-19 has thrown the credit markets into disarray. The US 10-year treasury yield dropped below 1%, central banks have lowered interest rates to near zero, credit ratings of numerous institutions have been downgraded, and defaults of leveraged entities are on the rise. With stresses on credit markets intensifying amid cash-flow disruptions, what additional measures could be taken to stimulate economic activity? What impact will record-high debt levels have on credit markets and will they still be a reliable source of liquidity? How should institutions position themselves to invest once the dust settles?