If interest rates are lower than the real return on capital, we should normally expect a sharp increase in debt leverage

We are now in a situation where interest rates are lower that the return on real or financial capital ( companies’ ROACE or RoE , return on infrastructure, equities, private equity, real estate , etc. ). This ought to drive savers, investors and companies to increase their debt leverage sharply. However, the debt leverage is not increasing, which shows: Either high risk aversion; Or expectations of a rapid rise in interest rates.