AI Debt Financing Tracker: Heat Advisory

Research evidence excerpt

AI Debt Financing Tracker: Heat Advisory

Global Idea

July 17, 2026 05:30 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: Heat Carolyn.Campbell@morganstanley.com +1 212 761-3748

Vishwanath Tirupattur

StrategistAdvisory Vishwanath.Tirupattur@morganstanley.com +1 212 761-1043

Vishwas Patkar

June brought a heat wave to the credit markets and overtook Strategist

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

April as busiest month YTD with $77bn of AI-related supply. We James Egan

think sentiment shifted during the past month, with investors StrategistJames.F.Egan@MorganStanley.com +1 212 761-4715

turning incrementally more cautious on potential thematic risks. Morgan Stanley & Co. International plc+

2027 hyperscaler capex estimates to be revised higher, and we Aron Becker

expect credit markets to continue to play a significant role in StrategistAron.Becker@morganstanley.com +44 20 7677-0754

financing the ongoing investment cycle. Morgan Stanley & Co. LLC

Catherine Liu

Key Takeaways StrategistCatherine.Liu2@morganstanley.com +1 212 761-0222

In corporate credit, issuance broadened out beyond hyperscalers to other Eva C Baurmeister

megacaps that are AI-related. Deals surprised the market and have widened since Strategist

Eva.Baurmeister@morganstanley.com +1 212 761-4588

pricing. We’re seeing meaningful spread decompression in hyperscalers/AI-related Christina C Sigler

names vs. the rest of the US IG market. Strategist

Christina.Sigler@morganstanley.com +1 212 761-4116

In securitized credit, after a quiet period, ABS bonds were well bid when issuance

Morgan Stanley & Co. International plc+

resumed.