Credit Calls

Hyperscalers are diversifying into multi-currency bond markets to fund massive AI infrastructure costs, while overall credit spreads tighten toward overshoot territory.

Key Takeaways

• 1.Large-cap tech hyperscalers are significantly increasing non-USD bond issuance to fund AI infrastructure while preserving scarcity value in USD markets.
• 2.Investment Grade (JULI) spreads are approaching overshoot territory at 85-86bp as the earnings season tailwind fades.
• 3.Ford Energy's entry into the battery storage market (BESS) is viewed as a near-term credit negative due to high capex requirements (~$1.5bn in 2026).

Table of Contents

• Strategy & Sector Commentary
• Cracking Credit: JPM High Grade & High Yield Chemicals Weekly
• Credit Market Outlook & Strategy: Spreads entering overshoot territory
• Credit Strategy Weekly Update: High Yield and Leveraged Loan Research
• Electric Utilities & Power: Sparking Credit: 1Q26 Earnings Digest; Weekly Briefing
• HG & HY Consumer Checkup: Shaken, Not Stirred! Maybe a Little Whirled...
• HG & HY Food for Thought: Seemingly Ranch...this week in food news
• HG & HY Weekly Register: Murphy's Law of the Register Shows Retail Sales Hanging In
• High Grade Automotive: Weekly Road Trip
• High Yield Energy: Fracking Credit – JPM High Yield Energy Weekly
• Company Comments

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