Most companies with highly leveraged positions like T , rely on these market to handle their regular rolling credit/debt, this market much like in 08 are seizing up, because banks and lenders fear the virus economic fallout and the spreads for new credit is growing...and will likely seize up in a matter of days unless the Fed comes to the rescue.
This likely means a lot of companies will run into liquidity events. This means companies will need to furlough workers to make the cash last. May not be layoffs but unpaid leave, in any case it's going to be unpleasant