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 19 Sep 2026 · empirical percentiles vs each bond's own history · 📖 How to read this › · 📁 Archive (last 130) ›

Basket avg OAS

214 bp

Avg level percentile

62 / 100

Widening — 1w top decile

0 / 10

Stale (no fresh trade)

0 / 10

Investment-Grade average OAS 68 bp (-1 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	5.03	12.85	808	96	+59.3	99	+28.6	62	+266.3*	451–915		113
CoreWeave 9.0 Feb-31 HY	4.37	11.99	723	84	+30.1	91	-17.6	30	-27.7	416–856		293
Oracle 2.875 Mar-31 IG	4.51	6.16	140	78	-9.0	1	-20.6	1	+2.4	66–182		431
SpaceX 5.35 Jul-31 HY	4.82	6.07	130	18	-7.8	5	-14.6	–	+25.7*	104–177		62
Equinix 2.15 Jul-30 IG	3.82	5.50	75	59	-6.1	2	-4.7	13	+3.0	43–115		431
Digital Realty 3.6 Jul-29 IG	2.78	5.33	60	29	-3.0	11	+0.9	62	-2.8	47–112		431
Micron 2.703 Apr-32 IG	5.57	5.37	58	15	-4.8	7	-3.4	31	-14.1	29–160		431
Meta 4.55 Aug-31 IG	4.90	5.32	55	90	-2.6	12	-5.1	11	+16.0	26–78		431
Amazon 2.1 May-31 IG	4.64	5.25	49	87	-4.0	6	-5.0	12	+15.5	27–71		431
Alphabet 4.1 Feb-31 IG	4.41	5.16	39	66	-7.3	5	-8.4	8	-1.7*	-9–51		154

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 VERIFIED RESULTS WITHIN 48-HOUR WINDOW

Web search did not surface any bond issuance, rating action, or credit-market stress items dated September 17–19, 2026 from reputable sources (Reuters, Bloomberg, FT, WSJ, S&P/Moody's/Fitch, or company IR) for the specified issuers (Alphabet, Amazon, CoreWeave, Digital Realty, Equinix, Meta, Micron, Oracle, SpaceX). The most recent confirmed items retrieved are from mid-to-late August 2026. Returning fabricated headlines or URLs would constitute hallucination. Please check Bloomberg Terminal, Reuters Eikon, or the companies' IR pages directly for the latest 48-hour filings.

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 2026-09-19T15:38:02.