The U.S. bond market is witnessing a surge in corporate debt issuance. Investment-grade bond issuance in 2026 is projected to reach a record $2.3 trillion (approximately ¥360 trillion), up 26% from the prior year, as major U.S. technology companies competing on AI investments increasingly test the market’s capacity to absorb new supply.
In a move emblematic of this trend, SoftBank Group (SBG) announced on the 24th that it will raise a total of $11.1 billion (approximately ¥1.76 trillion) through dollar- and euro-denominated corporate bond offerings—the largest simultaneous bond issuance in the company’s history.
The issuance comprises $10 billion in U.S. dollar-denominated notes and €1 billion (approximately $1.1 billion) in euro-denominated notes, with maturities ranging from three and a half to seven and a half years. Proceeds will be used for additional investment in U.S.-based OpenAI, the developer of the conversational AI chatbot ChatGPT, among other purposes.
SBG has been accelerating its fundraising for AI-related investments. In August, the company announced plans to issue ¥1 trillion (approximately $6.3 billion) in bonds targeted at individual investors in Japan.
Across the broader U.S. corporate bond market, major technology companies expanding AI-related capital expenditure have continued to execute massive debt offerings. Market participants are beginning to voice concerns about the “limits” of how much of this issuance wave the market can ultimately absorb.
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