Amazon, Alphabet, Meta, Microsoft, and Oracle collectively issued approximately $194 billion in bonds by July 2026, a 79% increase from the $108 billion emitted across all of 2025. Goldman Sachs forecasts the group will reach $250 billion in issuance in 2026 and $400 billion in 2027, while the US federal budget deficit approaches $2 trillion. This competition is translating into deteriorating market conditions: cover ratios fell from nearly 5x in February to below 2x by July, and new-issue concessions jumped from 2.25 to 12 basis points. The Federal Reserve has stepped back from its role as buyer of last resort, which is amplifying pressure on bond yields as two overlapping supply waves hit the market simultaneously.
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