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There may be some "one-off defaults by smaller issuers in economically depressed areas," he said.
Last year there were 108 sovereign issuers; in 1983 there were only 14, all investment grade.
But for issuers in a crowded sovereign-debt market, it means fewer trips to the well.
It is also subject to the risks common to all issuers in Indonesia.
The share of junk-bond issuers in the corporate-bond market had risen from a low of 28% in 1992.
A case in point is the West Penn Allegheny Health System, one of the biggest bond issuers in muni-land.
Mr. Keech says credit card issuers in the United States and Britain are considering using his system.
It said: "For non-financial corporate issuers in the UK, Brexit would be credit negative, reflecting the weakened macroeconomic outlook.
Note issuers in Scotland – such as Clydesdale Bank – won't follow up with mass circulation polymer notes until later this year.
"The Fed is expected to be more accommodative and that will bring more issuers in," Mr. Collins said.
In 1987 just 38.1% of issuers in the American bond market were rated as speculative, or "junk".
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Justyna Jupowicz-Kozak
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