智通财经网·2026-02-10 00:08Group 1 - The net issuance of high-rated bonds is expected to reach an unprecedented $1 trillion, with the market needing to attract more investors to absorb approximately $300 billion in new bond supply, or else face the risk of sell-off in the U.S. corporate bond market [1] - The steepening yield curve has led to a significant widening of the spread between long-term and short-term bonds, driving an estimated $200 billion in fund migration from money market funds to the corporate bond market [1] - If new funds cannot be attracted to cover financing needs related to AI data center construction and M&A activities, the average spread of high-rated bonds may widen by 20-30 basis points [1] Group 2 - Despite risk premiums being near multi-decade lows, signs of slowing demand have emerged in the secondary market, as evidenced by Oracle's recent bond issuance, which raised $25 billion with over $129 billion in orders, setting a historical record for such issuances [1] - Following the disclosure of investment plans by major cloud service providers, concerns about a surge in tech spending have led to a widening of Oracle's new bond spread [2] - Alphabet raised $20 billion through a bond issuance that exceeded initial expectations, attracting over $100 billion in orders, indicating strong demand despite market volatility [2] Group 3 - Investors are advised to avoid bonds from industries with spreads near multi-year lows and those facing specific industry issues, such as Business Development Companies (BDCs) that invest heavily in software companies potentially at risk from AI [3] - Potential triggers for reducing credit exposure include the failure to attract new capital to absorb upcoming debt, economic slowdown, rising inflation, and large-scale layoffs in the U.S. [3] - The market may not rely on the Federal Reserve's intervention as it has in the past, indicating a shift in expectations regarding policy support during significant market downturns [3]