Driven by AI financing boom, global bond issuance hits record high
So far this year, global investment-grade and junk bond issuance has raised a total of $6.61 trillion, up 15% year-on-year, surpassing the 2025 record with two months still left in the year. Among this, cloud computing giants and data center developers issued nearly $368 billion in bonds, more than six times the same period last year, accounting for about one-third of the increase in borrowing. Amazon became the world's fourth-largest bond issuer and largest corporate borrower this year, with Alphabet close behind; five of the top ten U.S. corporate issuers are tech companies.
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The data shows how AI infrastructure financing is changing the global bond issuance landscape, helping readers understand the changing role of tech companies in capital markets.
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Data shows that since the start of this year, financial companies, corporations and governments have raised a total of $6.61 trillion through investment-grade and junk-rated bond issuance, up 15% from the same period last year and surpassing the record level of 2025 with two months still to go before the end of the year.
The data shows that cloud computing giants and data center developers alone issued nearly $368 billion in bonds, more than six times the figure for the same period last year. This portion accounts for about one-third of the increase in borrowing this year, exceeding all other non-financial industries.
The data reflects the increasingly central role that artificial intelligence buildout is playing in the global debt market, as global yields rise and governments seek funding for expanding budget deficits, intensifying competition for capital.
In the AI era, US hyperscale data centers have become major borrowers. Amazon.com Inc. is the world's fourth-largest bond issuer this year, behind only Germany, the European Union and Italy, and ranking above France and the United Kingdom. The e-commerce giant has also become the largest corporate borrower, followed closely by Alphabet.
In the United States, five of the top ten corporate issuers this year are technology companies, while financial institutions, which have traditionally dominated this group, have seen their share of issuance fall to the lowest level in at least a decade.
"Within a year, the top of the world's largest market has undergone a fundamental reordering," John Servidea, global co-head of investment-grade finance at JPMorgan Chase, said in an interview. "Artificial intelligence has become a new narrative."
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