The market rout in stocks spilled into the corporate-debt markets Friday after investors began to more fully assess the harm that prolonged economic disruption from the coronavirus could do to highly indebted companies.

Reaction to the virus had been relatively muted in credit markets, where yields on even riskier junk bonds and loans had remained below levels seen during the selloff in late 2018. However, data on Thursday showed accelerating withdrawals from U.S. high-yield bond and loan funds in the past week, which was followed by a drop in European bank stocks driven by investors’ concerns over loan losses.

In Europe, the cost of protection on risky corporate credit jumped to its highest level in nearly four years on the leading IHS Markit index of riskier credit derivatives, the iTraxx Crossover. The cost rose to more than €388,000 ($436,000) annually to cover €10 million of bonds.

This followed a sharp rise in the U.S. CDX High Yield index, showing that it cost more than $409,000 annually to protect $10 million of bonds at the close on Thursday.

While selling was broad-based, bonds of companies in sectors that could be most affected by the spread of the coronavirus, such as travel and energy, fell especially sharply. A 5.25% Caesars Resort Collection LLC bond due in 2025 dropped to 92.75 cents on the dollar from 96.875 cents Thursday, according to MarketAxess. A Laredo Petroleum Inc. 9.5% bond due in 2025, which was issued at par in January, fell 11 cents to 58 cents.