The WSJ had a good article on how investors are separating the wheat from the chaff in the debt market during the “saasacocalypse.”
Stocks have fallen significantly, but debt investors can be considered somewhat “more rational” and “calmer” because they are only concerned with getting their money back along with a small interest. That’s why bond movements reflect what these more contemplative players think about the disruption.
If the loans are grouped into four categories, we can see that investors are most concerned about software tools. The domestic company Qt likely falls into that category, by the way. Investors are least worried about vertical software, as it is often mission-critical.
Link to the paywall.