September has already set records for corporate credit issuance in Europe and in the US. High-grade sales are nearing $200 billion for the month, a milestone that has been achieved only four times on record.

Analysts from Goldman Sachs and PIMCO have highlighted a significant increase in demand for corporate credit, especially among high-quality fixed income assets. The trend is particularly notable in the technology sector, where companies like Oracle are issuing long-term bonds, including 40-year tranches, to capitalize on investor appetite for yield and growth stories linked to artificial intelligence.

Despite concerns about the long-term viability of tech companies in a rapidly evolving industry, investors are showing strong participation in these issuances. The surge in supply is attributed to both seasonal factors and a response to recent declines in yields. While some market participants remain cautious about the risks, active managers like PIMCO emphasize the flexibility of public markets to adjust portfolios as conditions change.

Goldman, PIMCO explain why credit supply is surging

what is the argument for owning debt from a company in the super fast moving AI part of the tech world. Does a 40 year trench make sense as a concept. So you know that we are seeing a lot of demand for credit overall and certainly high quality fixed income is resonating. And with that you know with the trends towards AI if you can identify those credits that are likely to benefit from this trend you know extending out the curve can be something that's attractive. Generally we've found the current credit curve to be pretty flat and have preferred 10 year in issuance on a relative basis. But I guess the question here is that you know investors do want to lock up yield of course for as long as possible. Lot fee. But Oracle is not the U.S. government. Oracle is not even a utility where people can be comforted by the fact that it'll still be there in 40 years. This is a tech company in an industry that moves incredibly fast. Will we still have the same Oracle in five years or in 40 years. That's always an open question when it comes to tech deals. But I would say look investors in general are willing to reward growth stories. And I think credit is no exception to that. So what you've seen through that you know record high participation is just a testament to that. You know September to your point is typically a pretty busy month from a seasonal standpoint. This month was even busier than usual. Some of it also reflects a lag response or a natural response I should say by a lot of issuers to the big decline in yields that we've seen in the prior couple of months. Composition has been friendly. So I would say all good from a from a supply demand standpoint even though the numbers are big as you were alluding to. Yeah we were just showing the credit default stops and Oracle's debt jumping to the highest since May. So not everyone's convinced that all this borrowing will be risk free. Sonali is this something that Oracle 40 year bond that you would bind hold to maturity or is that something that is really designed to be flipped. Yeah. So we are active managers. And so for from our perspective we're always looking at changing dynamics in a credit whether that's the fundamentals whether it's the sector industry trends or just overall the themes in the market. And so when we're investing we are looking ahead and looking to commit our capital on behalf of investors for quite some time. But that's the beauty of public markets. If trends are changing and if we're seeing weak signs of weakness we can certainly rotate the portfolio and be active in our selection making sure we're really taking advantage of the best relative value.

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New York

Middle East Conflict

UN set to reimpose sanctions on Iran on Saturday

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Washington County

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Paris

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Global Tariffs

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Istanbul

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Copenhagen

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Quantico

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Madrid

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Centralia

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Beijing

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Manhattan

Ukraine Invasion

Rubio meets Russia's Lavrov after Trump shifts tone on Ukraine war

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Dallas

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Los Angeles

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West Palm Beach

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Breakdown