Increase in Corporate Bond Issuance by Big Tech Companies Reaches $194 Billion

Amazon, Alphabet, Meta, Oracle, and other major U.S. tech companies have entered the corporate bond market to raise funds for AI infrastructure investments. By June 2026, the total issuance of corporate bonds in the U.S. is projected to reach $1.5228 trillion, marking a 28.1% increase compared to the previous year, with $732.6 billion issued in the second quarter, up 41.3%. These companies have issued approximately $194 billion in bonds by July 7, 2026, which is a 79% increase compared to the annual issuance in 2025. Due to the increase in bond supply, the central spreads for 2-4 year bonds from Amazon, Alphabet, Meta, and Oracle widened from 30 basis points to 40 basis points, while 5-7 year bonds expanded from 50 basis points to 60 basis points. According to Apollo Global Management, the coverage ratio for hyperscaler bond sales decreased from five times in February to two times in July. Amazon announced a bond issuance of $25 billion on July 7, 2026, while Meta and Oracle also issued $25 billion in senior bonds each. S&P Global Ratings assessed that investments related to AI are impacting not only the tech sector but also the power, utility, and capital goods sectors.

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