European credit markets back US AI buildout

Hyperscalers have raised $48 billion in bonds denominated in European currencies in 2026 through September 25, 2026, already more than triple the total for 2025. The issuance is spread across €27 billion, £13 billion and CHF7.5 billion, making US technology borrowers a growing force in European credit markets.

The companies now represent 3% of euro investment-grade issuance, 10% of sterling investment-grade issuance and 22% of Swiss franc investment-grade issuance, compared with 8% of US investment-grade corporate issuance. Apollo sees few signs of crowding out so far, with non-hyperscaler investment-grade issuance still strong and corporate spreads tight. The borrowing is also adding highly rated US issuers, at AA- or higher, to European credit indices that have historically leaned more toward A to BBB exposure.

Longer-dated markets are seeing a more pronounced shift. Hyperscalers account for 7% of euro issuance with maturities of 10 years or more, versus 3% across all maturities, and 3% of the 10-year-plus euro investment-grade index, compared with 1% of the overall index. Financing demand is forecast to rise a further 25% in 2027, increasing the role of hyperscalers across public and private markets.