Corporate Borrowing & Debt

Across the United States, Europe, and Asia, businesses and governments have borrowed roughly US$260 billion so far, and a barrage of offerings from borrowers in Asia is poised to push that number higher.

January is expected to set a record for bond sales, reaching $215 billion in high-grade debt issued by the end of the month.

The sums are so large that issuers will have to tap just about all major debt markets, and it could take years for these tech investments to pay off—if they pay off at all. The rush has left some lenders overexposed.

Congratulations to Creative Artists Agency on winning the 2025 Gold Alexander Hamilton Award in Treasury Transformation!

Tech firms are expected to turn to debt for as much as $1.5 trillion by 2028, which could widen spreads across the whole market

The company’s credit strategists project that overall issuance will reach $1.81 trillion in 2026, with maturing debt little changed but net issuance at its highest since 2020.