On the other hand, Beinner expects default rates outside energy to hold at around 2% this year.

Some money managers, though, have a more favorable view on the high-yield energy segment after the blood letting in 2015.

“Valuations within the high-yield asset class cheapened significantly in 2015 and, in particular, within the E&P industry,” Western Asset said in a Legg Mason note. “While we acknowledge that some companies will not be able to sustain low energy prices into 2016, we believe defaults will be less than half of what valuations imply.”

iShares iBoxx $ High Yield Corporate Bond ETF

Max Chen contributed to this article.