US corporate loans trading at 80 cents or less hit $139.8 billion

A market post cites JPMorgan data putting US corporate loans trading at 80 cents on the dollar or less at $139.8 billion, up nearly 90% in a year. It says tech makes up 39% of the total. The author argues that AI threatens software borrowers as more than $100 billion of software debt comes due soon, and says JPMorgan expects loan defaults to rise from about 2.25% in 2026 to 4.5% in 2027.