Global Credit Strategy & Securitized Products Research: AI Debt Financing Tracker: Warming Up for a Hot Summer

Research evidence excerpt

Global Credit Strategy & Securitized Products Research: AI Debt Financing Tracker: Warming Up for a Hot Summer

Global Idea

June 9, 2026 02:58 PM GMT

Morgan Stanley & Co. LLCMGlobal Credit Strategy & Securitized Products Fernanda Lima

Research Strategist

Fernanda.Lima@morganstanley.com +1 212 761-3021

Carolyn L Campbell

StrategistAI Debt Financing Tracker: Carolyn.Campbell@morganstanley.com +1 212 761-3748

Vishwanath Tirupattur

StrategistWarming Up for a Hot Summer Vishwanath.Tirupattur@morganstanley.com +1 212 761-1043

Vishwas Patkar

The majority of issuance QTD was to fund construction of data Strategist

Vishwas.Patkar@morganstanley.com +1 212 761-8041

center shells. April was the busiest month YTD with a notable James Egan

deceleration in May. Hyperscalers have been broadening their StrategistJames.F.Egan@MorganStanley.com +1 212 761-4715

investor base through non-USD issuance. We're starting to see Morgan Stanley & Co. International plc+

more chip financing structures across markets, and expect AI- Aron Becker

related supply to accelerate going into 2H26. StrategistAron.Becker@morganstanley.com +44 20 7677-0754

Morgan Stanley Asia Limited+

Key Takeaways Kelvin Pang

Strategist

April Ran Hot: April saw the highest supply YTD with >$74bn of AI-related Kelvin.Pang@morganstanley.com +852 2848-8204

issuance. Project finance structures to fund construction of data center shells

Morgan Stanley & Co. LLC

accounted for 85% of the AI-related HY supply and 40% of the IG.

Catherine Liu

“May” Be Catching Its Breath: We saw limited new issuance in the US markets in Strategist

Catherine.Liu2@morganstanley.com +1 212 761-0222

May, but hyperscalers collectively issued ~$24bn of debt in other currencies

Eva C Baurmeister

(EUR, CAD, CHF, and JPY).