corporate debt

US Treasuries

2026-10-09 13:43:51

U.S. Treasury term premium hits multi-year highs as fiscal deficits and AI-driven debt issuance add pressure

Long-dated U.S. Treasury yields kept rising on Oct. 9, with market attention shifting away from the Federal Reserve’s rate path and toward the term premium embedded in longer-maturity bonds. A New York Fed model showed the 10-year Treasury term premium has climbed by about 40 basis points since mid-September to roughly 0.98%, the highest level since 2014, while the 10-year yield rose about 30 basis points over the same period. A separate model that incorporates economists’ rate forecasts put the term premium at 1.08%, the highest since 2010. Analysts said the move suggests long-end yields may no longer be driven only by expectations for Fed policy, but also by investors demanding more compensation for inflation risk, fiscal concerns, bond supply, and liquidity uncertainty. The report also pointed to the U.S. annual fiscal deficit of about $2 trillion and a wave of debt issuance tied to AI infrastructure spending. According to Reuters data, Alphabet, Amazon, Meta, Microsoft, and Oracle have issued about $220 billion in debt this year, more than double the level seen in the same period last year. That combination of sovereign and corporate borrowing could keep funding costs elevated.

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JPMorgan Asse

2026-08-24 14:27:31

JPMorgan Asset Management says heavy September IG bond supply should be manageable

JPMorgan Asset Management portfolio manager Kelsey Berro said the investment-grade bond market is heading into a busy September issuance calendar, but demand for corporate debt remains strong and worries about the coming wave of supply may be overdone. Speaking on Monday, Berro said expectations for September issuance vary widely, with estimates ranging from $175 billion to $250 billion. She added that credit portfolio managers do not see even a $250 billion supply total as a major problem, though uncertainty around the final number makes it harder for market participants to position in advance. Berro also warned that if the market absorbs the heavy supply smoothly, investors who are still sitting on the sidelines could move back in quickly. In her words, money would "flood into the market," and any sign of stabilization could draw buyers back in size.

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Alphabet

2026-08-06 15:51:32

Alphabet Bond Sale Draws ~$115B in Subscription Demand for AI Buildout

Google parent Alphabet has attracted roughly $115 billion in subscription demand for its latest bond issuance, BlockBeats reports. The company plans to raise up to $25 billion through a new U.S. corporate debt sale, split into as many as 10 tranches with maturities from 2 to 40 years. The final size remains undecided, with proceeds earmarked for Google's AI infrastructure expansion.

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