TMT Credit Research: ORCL Credit: Funding Relief, Not Resolution – FY4Q Quick Takes

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TMT Credit Research: ORCL Credit: Funding Relief, Not Resolution – FY4Q Quick Takes

Update

June 11, 2026 03:24 AM GMT

Morgan Stanley & Co. LLCMTMT Credit Research | North America Lindsay A Tyler

Credit Analyst

ORCL Credit: Funding Relief, Lindsay.Tyler@morganstanley.com +1 212 761-2734

Select recent credit & cross-asset research:

- Oracle Corporation: Computing the Upside –Not Resolution – FY4Q Quick

And the Cost (23 Apr 2026);

- ORCL Credit: More Server Racks, LessTakes Structural Recourse? (15 Apr 2026);

- TMT Credit Research: GPUs, TPUs, & IOUs:

FY4Q26 credit implication: Oracle’s FY4Q26 print keeps the credit debate centered

Insights on Contract- and Chip-Backed Debt

on capex and funding. Prepayment disclosures ease funding fears, but do not fully

Financings from the Corporate Lens (3 Jun

resolve the funding needs or the broader credit deterioration. ORCL is still pursuing

2026);

a capital-intensive build-out funded through a handful of levers, with more lease

- Compute Clues – NBIS Earnings Read-

disclosure pending in the 10-K and ratings potentially still under pressure.

Throughs (14 May 2026);

Trade view: For CDS, we still favor being long protection, as hedging/thematic - Compute Clues – CRWV Earnings Read-

demand and long-dated construction timelines may keep spreads wide, but the print Throughs (8 May 2026);

makes a creative chip-financing wave less likely, reducing the potential for widening - Wednesday Wrap – Hyperscaler Earnings Read-

beyond the ~200bp level. For bonds, we expect spreads to remain range-bound this Throughs (30 Apr 2026);

CY, supported by key technicals of no CY26 debt issuance and spread pick-up - ORCL Credit: A Bond for 'The Barn' (24 Apr

demand. We would fade/lighten after market- and idiosyncratic-driven compression 2026)