Credit Spread Monitor for US AI Capex ecosystem

Option-adjusted spreads (OAS — BDT lattice for callable HY, Z-spread for the rest) · 10 bonds · as of 09 Sep 2026 · empirical percentiles vs each bond's own history · 📖 How to read this › · 📁 Archive (last 130) ›

Basket avg OAS

218 bp

Avg level percentile

76 / 100

Widening — 1w top decile

0 / 10

Stale (no fresh trade)

0 / 10

Investment-Grade average OAS 74 bp (+5 bp since 31 Dec 2025)

Mean OAS of the 7 IG bonds — all names except CoreWeave & SpaceX · since 31 Dec 2025

← swipe the table sideways for changes, trend & history →

	CURRENT			LEVEL	1-DAY Δ		1-WEEK Δ		YTD	HISTORY
Issuer / coupon / maturity	Yrs	Yield %	OAS bp	%ile	Δbp	%ile	Δbp	%ile	Δbp	range bp	trend (last 90)	n
CoreWeave 9.75 Oct-31 HY	5.06	12.32	779	90	-23.7	6	-36.9	9	+237.7*	451–915		108
CoreWeave 9.0 Feb-31 HY	4.40	11.91	740	90	-9.8	31	-10.3	39	-10.1	416–856		288
Oracle 2.875 Mar-31 IG	4.54	6.11	160	95	-0.6	41	+3.3	67	+23.0	66–182		426
SpaceX 5.35 Jul-31 HY ⚠	4.85	5.97	145	–	+2.2	–	+3.0	–	+40.3*	104–177		57
Equinix 2.15 Jul-30 IG	3.85	5.27	80	81	-1.3	28	+2.4	72	+7.7	53–115		426
Micron 2.703 Apr-32 IG	5.60	5.18	61	21	-1.5	29	+0.6	58	-10.7	29–160		426
Meta 4.55 Aug-31 IG	4.93	5.13	60	92	-2.0	17	-1.0	39	+21.1	26–78		426
Digital Realty 3.6 Jul-29 IG	2.81	5.02	59	27	+0.5	60	+1.5	67	-3.7	49–112		426
Amazon 2.1 May-31 IG	4.67	5.06	54	94	+1.6	75	+2.2	70	+20.5	27–71		426
Alphabet 4.1 Feb-31 IG	4.44	4.99	48	91	-0.7	39	+4.2	78	+6.7*	-9–51		149

Level %ile tight wide (stress) Δ %ile widening tightening no trade Nd carried forward — no FINRA trade in N days ⚠ short history (n<60)* YTD since issue

Newsworthy — last 48h

N/A · N/A

NO QUALIFYING ITEM FOUND WITHIN 48H WINDOW

Web search returned no articles from Reuters, Bloomberg, FT, WSJ, S&P/Moody's/Fitch, or company IR dated September 7–9, 2026 covering bond issuance, rating actions, data-center capex financing, or credit-market stress for the specified issuers (Alphabet, Amazon, CoreWeave, Digital Realty, Equinix, Meta, Micron, Oracle, SpaceX). The most recent relevant items located are dated September 5, 2026 (Benzinga/Kobeissi Letter on AI debt driving Treasury yields higher) and approximately August 25, 2026 (MLQ/Reuters hyperscaler spread widening analysis). Fabricating dates or sources to fill three slots would be inaccurate and is not done here.

Method. OAS = option-adjusted spread over the bootstrapped US Treasury zero curve (from FRED CMT par yields) that reprices each bond's cash flows to its FINRA clean price. For the callable high-yield names (CoreWeave, SpaceX) the embedded call is valued on a Black-Derman-Toy short-rate lattice (CMT curve, lognormal vol per name) and its cost subtracted; the remaining bonds' calls are out-of-the-money (par-call near maturity) so their OAS equals the Z-spread to within a fraction of a bp. Illiquid bonds without a fresh TRACE print carry their last price forward, flagged no trade Nd. Level %ile = today's OAS within the bond's own history; Δ %ile = today's 1d/1w change within all historical same-horizon changes (100 = most extreme widening); PERCENTRANK.INC, suppressed below n=60. The trend sparkline spans each bond's last 90 sessions (shorter if its history is shorter) so all names cover a common window. Watch HY (CoreWeave, SpaceX) blowing out while IG (Meta, Oracle) holds — that divergence is the funding-stress tell.
Generated 2026-09-09T06:01:38.