Syndicated lending data shows how successful the world's big central banks have been in convincing investors that interest rates will be locked at zero for a very long time. Leveraged loans currently make up close to 40 per cent of all syndicated lending, way above pre-crisis levels. But credit growth in the private sector as a whole remains well below pre-2008 averages. "The obvious conclusion from this is that there is a growing risk that asset prices are becoming increasingly disconnected from the realities of the underlying economy," CLSA strategist Christopher Wood writes in a note to clients. Quantitative easing is to blame in his analysis and there is unlikely to be a painless return to normal.