Since 2025 , major US companies associated with AI development, commonly referred to as “hyperscalers”, have become significant issuers in the euro-denominated bond market.
Alphabet (Google), for example, has become a sizeable issuer in this market, raising nearly €10 billion year-to-date in 2026 . Amazon issued in euros for the first time this year, raising more than €14 billion. Apple and Microsoft are occasional issuers in this segment, but neither company issued in euros in 2025 or 2026. Other leading AI-related companies, including Meta, Oracle and NVIDIA, have not yet tapped the euro market.
In total, these hyperscalers issued €37 billion in the euro bond market across 2025 and 2026. While this remains
limited relative to the more than $200 billion raised by the same companies in the US over the same period, euro
issuance is becoming more frequent and is likely to continue gaining importance. AI players are seeking to diversify their investor bases as their capital expenditure requirements grow rapidly. However, their rising debt levels are also contributing to wider credit spreads.
Our analysis
The arrival of this new supply is reshaping the euro credit market. From a sector perspective, these issuers bring greater diversity : Amazon remains primarily a consumer and retail company, while other issuers are more directly associated with the technology sector. They also help improve the overall credit quality of the euro market, as these companies are generally rated AAA or AA, compared with an average rating of A- for euro investment-grade issuers.
Nevertheless, the gradual weakening of these issuers’ credit fundamentals is weighing on the performance of their bonds and slightly reducing the overall performance of the segment. The expected increase in issuance volum could also create additional technical pressure on the market. The growing indebtedness of US hyperscalers is therefore an issue to monitor, including for European bond investors.
Written on September 4, 2026. Opinions subject to change. This document has no pre-contractual or contractual value. It is provided for information purposes. The analyses and/or descriptions contained in this document should not be considered as advice or recommendations from Lazard Frères Gestion SAS. This document does not constitute a recommendation to buy or sell securities, nor does it encourage investment. This document is the intellectual property of Lazard Frères Gestion SAS - 352 213 599 RCS Paris 25, RUE DE COURCELLES - 75008 PARIS
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