High Grade Technology: IG hyperscaler issuance survey results

Research evidence excerpt

High Grade Technology: IG hyperscaler issuance survey results

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High Grade Technology

IG hyperscaler issuance survey results

Industry Overview

IG hyperscaler and data center bond supply survey 08 May 2026 Corrected

Following our update on hyperscaler issuance and our framing of data center related High Grade Credit

funding needs, we conducted a survey among fixed income institutional investors (May United States

4th-8th) to gauge investor expectations for IG hyperscaler and data center bond issuance Technology

for 2026 and 2027. In addition, the survey included other related qualitative questions. Tom Curcuruto, CFA

Research Analyst

‘27 hyperscaler supply expectations almost as high as ‘26 BofAS+1 646 855 6870

We asked four questions covering supply expectations for IG hyperscalers and IG data tom.curcuruto@bofa.com

center bonds, including for 2026 and 2027. 93% of respondents expect $150-250B of IG Gabriel Vieira

hyperscaler bond issuance in 2026 ($135B issued at the start of the survey; $152B ResearchBofAS Analyst

including $16.8B issued by Alphabet on May 5th). The largest portion of respondents gabriel.vieira@bofa.com

(62%) expect between $150-200B. For 2027, all respondents expect more than $100B

of issuance and 45% expect between $150-200B and 34% above $200B. Among the

qualitative questions, 61% are concerned by both the growth and/or level of lease

commitments and purchase commitments disclosed by the IG hyperscalers and only 11% High Grade Technology: Maintaining

are not concerned by either. Investors had differing views on measuring ROI for AI- ‘26 hyperscaler supply forecast but

related capex spend: 38% cash from ops growth, 24% revenue growth acceleration, 21% expect more in ‘27 01 May 2026