当AI遇上赤字：全球发债潮创纪录，市场需求仍火热

Core Insights - The global bond issuance has surged to a record level in 2025, reaching $5.95 trillion, surpassing the total for 2024 of $5.93 trillion, with expectations for further increases in November [1][4][6] Group 1: Drivers of Bond Issuance - The bond issuance boom is primarily driven by financial institutions and governments, with governments increasing debt issuance to cover expanding budget deficits [4][9] - Major tech companies like Alphabet and Meta Platforms have significantly contributed to the increase in debt, with the communication sector's debt rising by two-thirds year-over-year [4][9] - The demand for bonds remains strong, with total returns for bond investors exceeding 7% this year, marking the best performance in five years [4][5] Group 2: Market Dynamics - High-quality companies are dominating the bond market, leading to a potential squeeze on other issuers, as evidenced by the widening credit spreads for lower-rated bonds [9][10] - Investor demand is keeping pace with bond issuance, with an estimated $74 billion more available for reinvestment than the amount of bonds issued in the U.S. market [5][6] Group 3: Public Sector Borrowing - Public sector borrowing has surged, accounting for 69% of investment-grade bond issuance this year, the highest level since the 2010 financial crisis [9] - Spain leads sovereign debt issuance with €35 billion (approximately $40 billion) raised through three bond sales this year [9] Group 4: M&A Financing - The liquidity in the market is reflected in the high-yield bond market, with major banks participating in record-sized leveraged buyout financing, such as the $20 billion debt support for Electronic Arts' acquisition [10][11] - Global M&A activity exceeded $1 trillion in Q3, marking only the second time this level has been reached, indicating a shift from previous market conditions [11]