BofA Forecasts US High-Grade Bond Sales to Shrink to $1.9T in 2027

The signal here is about funding mix rather than volume alone: hyperscalers diversifying away from plain high-grade issuance suggests the largest borrowers are rethinking how they raise capital, which matters for anyone who tracks credit supply as a market barometer. Slower M&A removes another traditional driver of new paper. The open question is whether this reflects a structural shift in how big tech funds itself or a cyclical pause tied to dealmaking — and whether other forecasters converge on the same trajectory.