ING says AI-driven TMT debt supply lifts long-dated corporate issuance by USD 55 billion in 2026
TLT•ING said long-dated investment-grade corporate issuance rose USD 55 billion year over year, while year-to-date U.S. corporate issuance reached USD 878 billion, up 54%. TMT issuance tripled to USD 330 billion, and the combined long-end supply increase was estimated at about USD 75 billion.
1. Corporate issuance rises
Year-to-date U.S. corporate issuance reached USD 878 billion, up 54% year over year and exceeding every full-year total from 2021 through 2024. TMT issuance tripled to USD 330 billion, with USD 235 billion in maturities of 17 years or longer.
2. Long-end supply
Long-dated investment-grade corporate issuance rose USD 55 billion versus last year. ING estimated the combined long-end supply increase at about USD 75 billion, citing AI-driven TMT capital spending as a factor lifting long-dated credit supply and pressuring long-end rates.
3. Treasury issuance
U.S. Treasury issuance in the 10- to 30-year range held at USD 340 billion. Buybacks ran about USD 20 billion above last year, reducing net supply.
