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  "notes": "The chart tracks three metrics: High yield default rate, Levered loan default rate, and High yield spread.",
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      "text": "Source: Bloomberg L.P., FactSet, J.P. Morgan Securities, J.P. Morgan Asset Management. Default rates are defined as the par value percentage of the total market trading at or below 50% of par value and include any Chapter 11 filing, prepackaged filing or missed interest payments. Spreads indicated are benchmark yield to worst less comparable maturity Treasury yields. Guide to the Markets – Australia. Data as of 31 March 2026.",
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