US loan delinquencies reach pandemic high

A report from J.P. Morgan indicates that the highly indebted loan market in the United States is experiencing an unprecedented level of defaulting since the onset of the COVID-19 pandemic. The total amount of non-performing loans or loans trading below 60 cents on the dollar has reached $65 billion, representing a significant increase compared to the previous year. There is a greater concentration in the technology sector, which accounts for 39% of all distressed loans, as companies there struggle to refinance amid rising fears of the impact of artificial intelligence on their operations. Additionally, pressures are mounting on the high-yield bond market, as the spread on "CCC" rated debt has soared to its highest level since 2023, with expectations that default rates will increase further in the coming year.

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