Private Credit Opportunity - Private credit sees a huge opportunity in infrastructure and digital infrastructure, with potentially high margins and lucrative coupons [1] - The sector is attracting significant attention, with many participants trying to enter the market [1] - UBS expresses concerns about the market becoming overheated and risks emerging due to excessive capital inflow [2] - Despite concerns, the industry remains somewhat skeptical about the long-term impact of potential overblown demand [2] Capital Expenditure and Bond Issuance - Morgan Stanley estimates approximately 3 trillion USD (万亿) in capital expenditure needs for AI over the next three years [3] - This capital expenditure could translate to hundreds of billions USD (千亿) in bond issuance [3] - A significant portion of the issuance is expected to be U S dollar denominated [3] Investment Grade Debt - The majority of the debt issuance is likely to be investment grade [4] - Long maturities of the debt instruments enable companies to achieve investment grade ratings [4] - The presence of underlying assets provides additional security [4][5]