The five major cloud computing providers – Alphabet, Amazon, Meta Platforms, Microsoft and Oracle – have collectively issued $159 billion in bonds during the first five months of 2026, surpassing the $150 billion raised across the 2020-2024 period. Hyperscalers plan to invest over $770 billion in capital expenditures this year, with bond issuance nearly ten times higher than prior comparable periods. Order book coverage ratios have dropped from 5x in February to below 2x by July, signaling bond market fatigue. Alphabet stands out with a multi-currency deal worth between $20 billion and $31.5 billion, including a rare 100-year sterling bond.
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