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 10 Nov 2026 · empirical percentiles vs each bond's own history · 📖 How to read this › · 📁 Archive (last 130) ›
Basket avg OAS
328 bp
Avg level percentile
89 / 100
Widening — 1w top decile
3 / 10
Stale (no fresh trade)
0 / 10

Investment-Grade average OAS 101 bp (+32 bp since 31 Dec 2025)

Mean OAS of the 7 IG bonds — all names except CoreWeave & SpaceX · since 31 Dec 2025
456788110Dec 2025Jun 2026Nov 2026
← swipe the table sideways for changes, trend & history →
CURRENTLEVEL1-DAY Δ1-WEEK ΔYTDHISTORY
Issuer / coupon / maturityYrsYield %OAS bp%ileΔbp%ileΔbp%ileΔbprange bptrend (last 90)n
CoreWeave 9.75 Oct-31 HY4.8916.25116499-32.26+135.596+622.3*451–1196148
CoreWeave 9.0 Feb-31 HY4.2316.201159100-18.317+160.398+408.4416–1177328
Oracle 2.875 Mar-31 IG4.377.32271100-1.630+22.495+133.966–273466
SpaceX 5.35 Jul-31 HY4.687.10248100+10.996+10.664+144.2*104–24897
Equinix 2.15 Jul-30 IG3.685.559597+7.898+1.966+23.543–115466
Micron 2.703 Apr-32 IG5.435.498359+5.394+6.487+11.829–160466
Meta 4.55 Aug-31 IG4.765.4178100+4.193+6.188+39.819–85466
Digital Realty 3.6 Jul-29 IG2.645.186344+7.096+3.279+0.244–112466
Amazon 2.1 May-31 IG4.505.246297+6.597-0.444+28.927–80466
Alphabet 4.1 Feb-31 IG4.275.165498+6.694-4.120+13.1*-9–69189
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

CNBC · 2026-11-09
CoreWeave confronts 'doom cycle' narrative as neocloud credit risk overshadows growth ahead of earnings
On the day before CoreWeave's Q3 earnings (Nov 10), CNBC reported that yields on its 2031 bonds have jumped above 16% and its five-year CDS spread has soared above 1,240 basis points—up 50% in a single month. Analysts warn of a self-fulfilling 'doom cycle': distressed credit costs force the company to refinance at ever-higher rates, threatening the viability of its entire GPU-secured debt model (~$35B in notes/bonds/loans). With $10.6B of principal due by end-2027, the earnings print is now a direct credit event for the AI capex financing complex.
Oracle Corporation IR / SEC Form 8-K · 2026-11-04
Oracle closes $10 billion five-tranche bond offering at 7.00%–8.65% coupons alongside $10 billion equity sale to fund AI capex
Oracle confirmed closure on Nov 4 of $10B in senior unsecured notes (2029–2046 maturities, 7.00%–8.65% coupons) paired with a $10B common-stock offering—the largest simultaneous debt-and-equity raise in its history. The deal lifts Oracle's total debt load by ~8% to roughly $125B+, and Bloomberg noted it re-opened the high-grade AI primary market after a near three-month blackout caused by investor indigestion. Oracle's FY27 capex guidance of $90–95B means this $20B raise is only a partial bridge, keeping refinancing and covenant risk firmly in focus through its Dec 14 earnings report.
CNBC · 2026-11-06
CoreWeave CDS tops 1,289 bp, a new peak; Amazon, Nvidia and Oracle CDS rise 44–76% in a month as AI 'credit card' costs surge
CNBC reported on Nov 6 that CoreWeave's five-year CDS briefly spiked to 1,289 bp—above the October peak—while Nvidia CDS rose 76%, Broadcom 49%, and Amazon 44% over the prior month. Deutsche Bank's global macro head flagged that debt and equities are now moving in sync, warning the AI capex financing cycle is tightening across the board. Even investment-grade names (Amazon ~44 bp absolute, Oracle ~298 bp) face structurally higher future borrowing costs, compressing the return math on the entire $690B+ annual AI capex wave.
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 2026-11-10T06:01:42.