As might be expected, the continued stuffing of bond markets with hyperscaler debt is seeing successively less interest, with Amazon's latest $25B offering generating 1.6x demand.
While that may seem great ("hey, we're oversubscribed!") BBG data shows the average IG deal this year has been 4x oversubscribed.
"It signals there’s a limit to the amount of money sloshing around for debt of even the highest-rated hyperscalers. As Amazon ramps up spending on AI infrastructure, the deal brought its bond issuance over the past year to about $107 billion, the most of any big tech company during that period.... Credit markets have been flooded with AI-linked debt sales, with Tuesday’s deal boosting this year’s total to about $335 billion globally, or more than twice the levels seen in 2025, the data show."

BAD NEWS.