Bloomberg Surveillance · Thursday, September 3, 2026
David Bonson notes that AI has been the dominant market theme for years, creating a divergence between AI-related and non-AI-related credits. He observes a "dearth of 30-year issuance from anyone other than the hyperscalers" and that the broad market is starved for high-quality credits not aggressively re-leveraging, while AI continues to drive issuance.
“Yeah, so this year it's been all about AI versus everyone else. And it's basically two totally distinct markets, which is challenging. And I think it's certainly we have not seen a crowding out of capital from anyone that's not AI related. The demand for these deals, for anything non-AI related, one-off issuer, long end 30 years, we've seen really a dearth of 30-year issuance from anyone other than the hyperscalers because being very responsive to the level of rates. And so really what I think we continue to see now is just a divergence, which is the broad market is actually really starved for different credits and high-quality credits that are not necessarily re-leveraging aggressively. Versus AI, which the expectation is we just continue to get more and more issuance.”