High-risk junk bonds are sounding the alarm in the plum market, the last time was before the 2008 financial crisis.

Foreign media reports that if history is any guide, the lowest rated “junk bonds” may be sounding the alarm.

Late Monday (26), the risk premium for CCC-rated bonds fell below 5 percent. This has only happened twice in the past 20 years, in the years leading up to the 2008 financial crisis and on the eve of the dot-com bubble burst.

High yield bonds, especially those rated CCC, rose as investors chased higher risk assets for better rates of return. This led to the cost of raising debt for these lowest-rated companies falling to a record low of 5.88% and raised concerns about an overheated market.