BNP Paribas says the years-long rally in corporate bonds is at risk of ending as hyperscalers and other technology firms issue large volumes of debt. Bloomberg reports BNP’s view that excessive technology borrowing could “end” the credit bull market when markets become saturated with new corporate issuance.
The Next Web adds figures tied to this expectation, citing BNP’s forecast that hyperscalers will sell roughly $400 billion of bonds next year and that total net fixed-income supply could reach a record $3.7 trillion. It also notes that the European Central Bank reached a similar conclusion in August, pointing to the growing share of US technology in new euro-area issuance.
Across outlets, the central point is consistent: large-scale AI-linked funding needs are contributing to elevated corporate bond supply, increasing the risk that favorable credit conditions could change. The difference is emphasis—Bloomberg focuses on the market impact in general terms, while The Next Web provides more specific supply and issuance projections.
