UBS Raises Tech Bond Issuance Forecast 20% to $360B as Alphabet Taps CHF, GBP
UBS raised its 2026 U.S. tech investment-grade bond-sales forecast by 20% to $360B, lifting total U.S. IG debt issuance to $1.8T while cutting leveraged loan expectations to $360B from $450B. Alphabet issued $31.51B of CHF and GBP bonds as it taps global markets to fund AI data centre capex.
1. UBS Raises Tech Debt Forecast
UBS lifted its 2026 U.S. investment-grade bond-sales forecast by 20%, projecting $360B in tech issuance versus $300B previously. The bank also raised its overall U.S. IG debt issuance outlook to $1.8T, with tech accounting for one-fifth of that total.
2. Hyperscaler Capex Projections Grow
UBS now expects aggregate capex from hyperscalers such as Google, Amazon and Meta to near $770B for 2026, 23% above its prior forecast. This surge could boost public tech debt issuance by an additional $40B–$50B, reaching as much as $240B.
3. Alphabet's Global Bond Offering
Alphabet priced $31.51B of bonds in Swiss francs and sterling markets, highlighting its strategy to tap non-U.S. currencies. The proceeds are earmarked to finance AI data centre expansions and broader capital expenditure plans.