A broad selloff in software companies driven by fears of disruption from new artificial intelligence models is bleeding into the loan market this week. A host of names are under pressure in the secondary, while in the new issue market Conga is expected to offer better terms on a loan backing its merger with another Thoma Bravo portfolio company.

AI worries are nothing new, but they’ve caught alight again in recent days. One source pointed to Anthropic's Claude as an instigator of the selloff, amid concerns AI models could make it much easier for competitors quickly code and develop better SaaS software.