PIK Toggle Deals - A Credit Market Peak?

A correspondent writes in,

"Based on how many PIK toggle deals I have seen price in the last 90 days...the end is near. Can't wait to see the retail crowd try and hit the bid on their floating rate funds/products all at once.  You know the ones that are being sold hand over fist as protection against 'rising rates'."

LCD News tweets about a pay in kind deal priced today by ConvaTec. Based on the prior two years' interest coverage ratio, I have decided to pass.