Situation Room: Hyperscaler supply is global

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Situation Room: Hyperscaler supply is global

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Situation Room

Hyperscaler supply is global

Credit Analysis

Hyperscaler supply is global 11 May 2026

News reports suggest that Amazon and Alphabet are looking to borrow in CHF and JPY Credit Strategy

corporate bond markets, respectively. We argued that US IG supply is front-loaded in United States

2026 (see IG Credit Strategist: Frontloading the supply), including for the hyperscalers Cross Product

(see IG Credit Strategist: Position for less supply in 2H-26). Pushing more of the supply Yuri Seliger

into other currencies leaves even less for the dollar market. Credit Strategist

BofAS

Sizing the up the Reverse Yankees +1yuri.seliger@bofa.com646 855 7209

The share of non-USD supply for the five hyperscalers has reached 30% YtD, up from Sohyun Marie Lee

14% in 2025 and none in 2024 (Exhibit 1). More broadly, non-USD bonds make up 34% CreditBofAS Strategist

of the global IG corporate bond market (Exhibit 3). +1 646 855 7217

sohyun.lee@bofa.com

Assuming hyperscaler issuance roughly matches that distribution, our $175bn 2026

hyperscaler forecast (see High Grade Technology: Maintaining ‘26 hyperscaler supply

In this reportforecast) implies $115bn in USD supply. That leaves little for the rest of the year, given

$107bn was issued YtD (Exhibit 2). Note, however, that investors expect a bit more Daily supply snapshot

hyperscaler supply in 2026, closer to $200bn across currencies (see High Grade

Technology: IG hyperscaler issuance survey results) Daily dealer inventories update

Mostly diversification Daily HG fund flows

Evidence suggests that issuing in other currencies mostly serves to spread the heavy Daily foreign demand tracker

supply over a broader market. For example, EUR hyperscaler spreads have