Dossier
credit spreads
Coverage of credit spreads in the Nexus archive.
- Amazon returns to the bond market
Amazon is returning to the bond market to raise $25 billion or more for AI-related expenses, joining other Big Tech companies like Alphabet and Meta in increasing borrowing as cash flows reach limits. Borrowing costs are rising, with Amazon's upcoming bond prices higher than its previous debt issuance despite tighter credit spreads for major borrowers.
- The paradox at the heart of credit markets: the biggest borrowers are the strongest credits
Credit markets exhibit a paradox where largest borrowers are strongest credits, with $300 billion in issuance since 2026 showing no stress in credit-default swaps or credit spreads. Investors are absorbing supply due to confidence in the AI narrative.