Bloomberg Surveillance · Thursday, September 3, 2026
Lauren Moran of Wellington Management discusses the challenge of absorbing massive global debt issuance, noting that this is not solely a US phenomenon. With potential 2027 issuance exceeding four trillion dollars, Moran states that 'there is a price to gain to get access to capital,' meaning it will cost more for governments and corporations.
“Yeah, I think it's a great question, and it's clearly what bond markets are grappling with right now. We sit near the highs, even though we've seen retracement. How many beeps? You know, I think it's hard to say, but I think when you think about the sheer paramount of debt that we're seeing both from the U.S. Treasury, from global sovereign markets, in all developed markets, this is not a U.S.-centric phenomenon. And then in addition to the AI CapEx, you know, we're looking at 2027 issuance in dollars of over four trillion potentially. This is a lot for markets to absorb.”
“And I think that's what rates markets are telling you right now is there is a price to gain to get access to capital. It's not that you can't price it. It's that it will cost you. More and it will cost the U.S. government more and it will cost corporates more.”