🔴US IG Bond Issuance Hits Record - AI CapEx is the Main Driver


Total US Investment Grade (IG) bond issuance is forecast to reach $2.25T in fiscal year 2026, the highest in history - surpassing the previous record of $1.943T in 2020 (+15.8%) and up 24.3% from $1.81T in 2025.
Specific breakdown:
- Maturities: $940B
- Calls/Tenders: $310B
- Net supply: $1T - highest in data since 2012
Net supply $1T is the largest figure since 2012, far exceeding the $637B level of 2025 (+57%). This is a signal that US companies are ramping up long-term borrowing to finance capex - and the wave of data center/AI infrastructure investment by Big Tech (Microsoft, Meta, Google, Amazon, Oracle...) is now the main reason for the surge in capital demand, rather than just refinancing maturing debt as in previous years.
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