The credit market's barometer for AI risk, Oracle bonds weakened as well.

Banks across the spectrum have been quick to capitalize on the market's revival, creating new swaps as companies debut debt deals, launching new baskets, and hiring top talent.

"As these corporate treasuries get larger and more sophisticated in their investments, and as their immediate operational needs are met, they are ... starting to look a little bit less like a traditional corporate treasury and more like a typical institutional investor."

Bonds maturing in 2036 priced at a premium of 1.4 percentage points above Treasuries, higher than the average spread on other similarly rated debt.

The roughly $50 billion in financing, which will also include around $12 billion in junk bonds and $7.5 billion in loans, may start as soon as the next couple of weeks.

The longest portion of the offering, a 30-year security, may yield about 1.05 percentage points above Treasuries.

"The dollar market is becoming crowded, so there's an incentive to take these deals outside the U.S."

This trend underscores the broader shift across the finance industry, where the electronic trading has been making steady inroads with fixed-income securities that were once considered difficult to standardize.