JPMorgan halts $5.3bn Qualtrics debt deal as AI fears chill demand

AI disruption repricing has crossed from equity multiples into credit markets: leveraged loan investors won't buy Qualtrics paper, and the existing term loan trades at 86 cents. Credit desks are pricing the entire CX/survey category as vulnerable, but the acquisition they're calling overvalued is Press Ganey, whose healthcare experience measurement business sits on a regulatory floor tied to CMS reimbursement. The market may be punishing Qualtrics for buying its own hedge.