"When you look at the default rate side, defaults today are a little below 2 percent in general versus an average of over the last 10 years of more like 3 percent.," he said, speaking to investors at the SuperReturn conference in Berlin.
"But in energy for instance, you have defaults at 10 percent today and that is assuming oil at $45. With oil at $30, default rates are at 20 percent, so there are going to be a lot of bankruptcies in that area."
Oil prices have fallen as much as 70 percent since the downturn began in mid-2014 as soaring global production sees hundreds of thousands of barrels of crude produced every day, with not enough demand to sustain prices, hurting the profitability of energy firms.
Ratings agency Standard & Poors warned at the end of last year that some 50 percent of investment grade (junk) bonds for energy firms are "distressed," meaning they are at risk of default.
"If you look at CCC securities (junk bonds), in mid-2014 they averaged 8 percent, today they average 20 percent – that is a dramatic change," Black added.