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Apollo Chief Economist Torsten Slok outlines the key macro dynamics shaping the landscape, from the AI boom to the industrial renaissance and policy.
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August 14, 2026
Partner, Chief Economist
AI-related issuance already accounts for nearly 40% of longer-duration IG corporate bond supply, and the financing needs are only getting larger. We estimate the AI ecosystem could fundamentally support more than $2 trillion of additional IG debt, while public IG markets may be able to absorb less than $1 trillion of that amount through 2030 because of concentration and ratings constraints.
That gap creates a significant opportunity for private IG. We expect more than $1 trillion of financing could migrate toward private placements, infrastructure debt, asset-backed facilities, equipment financings and project-level structures — often with collateral, contractual support and structural protections that are unavailable in unsecured public bonds.
Read more in our 2026 Midyear Credit Outlook.
Note: Data as of July 2026. Sources: Bloomberg, Barclays, Apollo Analysts
Note: Data as of July 2026. Sources: Bloomberg, Apollo Analysts
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