The alarm bells have been ringing for years, but it’s only recently that recession fears have reached record highs among credit investors.

A Bank of America Merrill Lynch survey has revealed that US credit investors are more worried than ever about an imminent recession. The survey found that more US credit investors than ever perceive a high likelihood of a recession during the next year. The investors’ perceived likelihood of such a recession shot up to 25%, the highest reading the survey has produced. This result exceeds the last record, which was made in July of 2016 when 23% of US credit investors were predicting an imminent recession. The survey found that the risk of a recession is now the third most serious concern for credit investors. Geopolitical risk is another huge concern, with the trade war with China taking the number one spot for biggest concern among credit investors.

It’s not just credit investors that are jittery, as fears of a recession are being felt across the board. There are multiple warning signs right now and a survey conducted last year found that 70% of economists fear a recession will strike by the end of 2021. Investors in the credit markets are now generally looking for higher-rated debt, according to the same Bank of America survey. When you look at all investors together, fears over the trade war remain the largest concern.