U.S. investment-grade bond issuance on pace to set annual record as surge in AI spending drives companies to increase borrowing.

US investment-grade bond issuance is on track to set a historic record on Monday, surpassing the $1.75 trillion record set during the pandemic-driven borrowing boom in 2020, as a surge in artificial intelligence spending drives companies to increase borrowing. Data shows that once Monday's trades are priced, year-to-date issuance will reach $1.76 trillion. Many analysts had already expected this year's issuance to set an annual record, driven by expectations of substantial growth in AI-related spending. Since the start of 2026, AI-related financing in the global high-grade bond market has exceeded $300 billion, nearly three times the full-year 2025 volume. Nine single-tranche deals of at least $25 billion have been issued in the US this year, and apart from Skydance Corp.'s acquisition financing, all came from technology companies. "We are witnessing one of the most capital-intensive corporate cycles in decades," said Lindsay Rosner, head of multi-sector fixed income investing at Goldman Sachs Asset Management.