JPMorgan Chase says a new surge in artificial intelligence spending will help push US investment-grade bond issuance to an all-time high next year.
According to a new note from the bank’s credit strategists, total supply is expected to hit $1.81 trillion in 2026, reports Bloomberg.
The full-year projection beats the previous record of $1.76 trillion set in 2020. Strategists Nathaniel Rosenbaum and Eric Beinstein say companies refinancing more than $1 trillion in maturing debt, alongside rising mergers and acquisitions and a boom in AI capital spending, will drive next year’s increase.
JPMorgan says the renewed momentum in borrowing this year, driven by improved rates, heavy AI spending and revived dealmaking, will extend into 2026 despite concerns about pockets of stress in the credit market.
The strategists project that the technology, media and telecommunications sector will borrow about $400 billion in the high-grade market next year. Technology firms alone are expected to issue $252 billion, which would be 61% more than tech has borrowed so far in 2025. Borrowing in the consumer sector is forecast to rise 44% to $135 billion, while media and entertainment will climb 38% to $85 billion. Telecom issuance is expected to increase 25% to $56 billion in 2026.
Earlier this month, reports emerged that US firms have issued over $200 billion in bonds this year to support the AI push, led by Meta, Alphabet and Oracle.
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