Bloomberg / Reuters · 2026-07-07
Amazon Fuels AI Debt Boom With $25 Billion Eight-Tranche Bond Sale to Fund AI Infrastructure
Amazon's largest-ever standalone U.S. bond deal — eight tranches, maturities from 2029 to 2066 — raised $25B but drew only ~$41B in final orders (1.6x cover), roughly half the $120B+ demand seen in its March offering. The cooling appetite, concentrated in short-dated paper with 30-year yields above 6.1%, signals investor fatigue with long-duration AI capex debt and sets a key pricing benchmark for the broader hyperscaler bond pipeline. Amazon also signalled this will be its last debt raise of 2026.
Financial Times / Bloomberg Opinion · 2026-07-15
SpaceX BBB-Rated Bonds Trade Wider Than Junk Average; 30-Year Spread Breaches 200bps (FT/Bloomberg)
Despite receiving investment-grade ratings of BBB (S&P), Baa1 (Moody's) and BBB+ (Fitch) on June 18 following its IPO, SpaceX's bonds now trade at an average spread of 162bps over Treasuries — above the 155bps BB junk average. The 30-year (2056) note has widened to nearly 200bps. S&P projects negative free cash flow through 2029 and Moody's flags Elon Musk's concentrated governance as a risk. The rating-vs-spread dislocation is the starkest credit-market stress signal in the AI-capex issuer universe and raises forced-selling risk for mandated IG buyers.
Bloomberg / Simply Wall St · 2026-06-11
CoreWeave Completes First Euro-Denominated Junk Bond Deal, Raising ~$3.5B in Dual-Currency High-Yield Offering
CoreWeave (rated Ba3/B+/BB-) became the first U.S. AI cloud provider to issue a euro-denominated high-yield bond, raising ~$3.5B across dollar and euro tranches with particularly strong demand on the euro leg. The deal extends the U.S. AI data-center debt boom into European HY markets, broadens CoreWeave's capital structure beyond GPU-collateralised loans, and is a critical stress test for speculative-grade AI-capex credits — especially given the company's $30–35B 2026 capex plan, $22.7B in existing long-term debt, and net operating losses.