Alphabet, Amazon, Meta, Microsoft, and Oracle issued $296 billion in bonds in 2026, exceeding Goldman Sachs’ full-year projection of $250 billion. The median bond concession rose from 2.25 basis points in 2025 to 12 basis points in 2026, with issuers offering more yield to attract buyers. This surge in issuance is increasing pressure on corporate credit markets that are financing data centers and artificial intelligence infrastructure. In the five-year Treasury yield market, the probability of the yield falling below 4.10% before 2027 has risen to 54% from 47% a week earlier. Federal Reserve decisions, inflation reports, gross domestic product data, and employment figures remain the main factors that could alter these expectations.
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