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October 07, 2026
Partner, Chief Economist
Hyperscalers have raised $48 billion in bonds in European currencies this year, which is already more than triple the entire amount of 2025. This is spread across €27 billion, £13 billion and CHF7.5 billion.
Hyperscalers now account for 3% of euro IG issuance, 10% of sterling IG issuance and 22% of Swiss franc IG issuance this year, compared with 8% of US IG corporate issuance, see the first chart below.
There are few signs of crowding out, yet. Non-hyperscaler IG issuance remains strong and is little changed YoY, and corporate spreads remain tight. Rather, hyperscaler issuance is adding highly rated US borrowers (AA- or higher) to European credit indices that have traditionally had more A to BBB exposure.
Hyperscalers account for 7% of euro issuance with maturities of 10 years or more, compared with 3% across all maturities. They also account for 3% of the 10-year-plus euro IG index, compared with 1% of the overall index. This is adding some additional depth for longer-dated maturities, which has been thin outside of sovereign issuance, and what’s more, some governments (like the UK) have been shortening duration of bond issuance, see the second and third charts below.
The bottom line is that the scale of hyperscaler financing, which is forecast to rise a further 25% in 2027, will have an even bigger impact on European bond markets, with hyperscalers becoming a larger part of European credit indices. The scale also calls for tapping all markets, public and private.
Written by Huw van Steenis
Note: 2026 YTD as of September 25, 2026. Sources: Bloomberg, Apollo European and Policy Strategist
Note: 2026 YTD as of September 25, 2026. Sources: Bloomberg, Apollo European and Policy Strategist
Note: 2026 YTD as of September 25, 2026. Sources: Bloomberg, Apollo European and Policy Strategist
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