摩根士丹利-人工智能债务融资追踪：进入起飞阶段-AI Debt Financing Tracker–Taking Off-20260410

https://www.valuelist

April10,202601:25PMGMT

AIDebtFinancingTracker–TakingOff

•Launchinganewpublication:Inrecognitionofthegrowingimportanceofdifferentcreditmarketchannels–public,private,unsecured,secured,securitizedandstructured–forfinancingAIandrelatedinfrastructure,welaunchanewpublicationtotrackdevelopmentsacrossthedifferentchannels.Weexpectthispublicationtoevolveintoaone-stopsourceforallpertinentinformationinthiscontext.

•2026Issuanceisoffarobuststart:Acrossnearlyallchannels,AI-relatedissuanceYTDiswellaheadofthepaceofissuancefromayearago.Givenourhyperscalercapexexpectations,recentlyrevisedhigher,weexpectissuance

momentumacrosscreditchannelstoremainrobust.

•Channelcheck:Byourestimate,IGbondshaveaccountedforabout80%ofall“AI-related”financing,makingthem

thelargestsourceofcapital.Highly-rated(AA-orhigher)hyperscalerissuanceisgrowingbutstillarelativelysmallpart(4%)ofthepublicIGindex.Oracle(BBB,outlooknegative)hasemergedasthelargestnon-financialissuerintheIGindex.5Ymaturitiesdominateacrosslevfinandsecuritizedchannels,buthyperscalerdealshavealsoseensignificantlong-end>10Yissuance(51%oftotalhyperscalersupply).IssuancefromdatacenterREITsandbylevfinissuers,

especiallydebutissuers,isparticularlynotable.

•Spreadshavewidened:Acrosschannels,spreadshavewidened.Whilepartofthewideningisexplainedbybeta,thedelugeofissuanceacrosschannelsstartinglastSeptemberhasdrivenspreadswider,inourview.Sincethen,

AA/higher-ratedhyperscalershaveseenspreadswidenby19bp,comparedtotheindex2bpwider.

•Performancemetricsstableinsecuritizedcredit:Withcurrentoutstandingmarketaround$60bn,securitizedcredithasemergedasimportantsourceoffinancingforstabilizeddatacentercashflows.MetricssuchasDSCR,LTV,andoccupancyratesremainhealthyandwellabovetriggerpoints.

MORGANSTANLEYRESEARCH

NorthAmerica

MorganStanley&Co.LLC

KarenChen

Strategist

Karen.Chen@

+1212.761.1199

CarolynCampbell

Strategist

Carolyn.Campbell@

+1212.761.3748

VishwanathTirupattur

Strategist

Vishwanath.Tirupattur@

+1212.761.1043

VishwasPatkar

Strategist

Vishwas.Patkar@

+1212.761.8041

CatherineLiu

Strategist

Catherine.Liu@

+1212.761.0022

EvaBaurmeister

Strategist

Eva.Baurmeister@

+1212.761.4588

ChristinaSigler

Strategist

Christina.Sigler@

+1212.761.4116

MorganStanleyIndiaCompanyPrivateLimited+

YagyeshModi

Strategist

+91226995-2808

AllinformationasofMarch31,2026,unlessotherwiseindicated.Note:Thisdeckcoverspublic,tradeabledebtinUSD.

MorganStanleydoesandseekstodobusinesswithcompaniescoveredinMorganStanleyResearch.Asaresult,investorsshouldbeawarethatthefirmmayhaveaconflictofinterestthatcouldaffecttheobjectivityofMorganStanleyResearch.InvestorsshouldconsiderMorganStanleyResearchasonlyasinglefactorinmakingtheirinvestmentdecision.

Foranalystcertificationandotherimportantdisclosures,refertotheDisclosureSection,locatedattheendofthisreport.

+=Analystsemployedbynon-U.S.affiliatesarenotregisteredwithFINRA,maynotbeassociatedpersonsofthememberandmaynotbesubjecttoFINRArestrictionsoncommunicationswithasubjectcompany,publicappearancesandtradingsecuritiesheldbyaresearchanalystaccount.

2

AIDebtFinancingTracker|Scope

AIRelatedIssuancebyAssetClass

2025YTD

IGLevFinABSCMBS

180

160

140

120

100

80

60

40

20

0

11

2

17

10

16

7

166

93

FinancingthesignificantAI-drivendatacenterexpansionwillbeakeythemeoverthecomingyears.Inthistracker,weprovidethelatestsummariesondatacenterfinancingcoveringissuance,performance,andexpectationsforUSDdebtinthebelowassetclasses.

CorporateCredit

SecuritizedCredit

•

•

InvestmentGrade

LeveragedFinance(HighYield,LeveragedLoans)

•

•

ABS

CMBS

Source:Dealogic,Pitchbook|LCD,CreditFlow,TREPP,MorganStanleyResearch

3

AIDebtFinancing|Key1Q26IssuancePricingataGlance

MarketTickerPricingDateIssueSpreadSize($bn)CompositeRatingMaturityDate

IG

AMZN

3/10/2026

T+55

5.0

AA-

3/13/2031

IG

GOOGL

2/9/2026

T+43

3.0

AA

2/15/2031

IG

ORCL

2/2/2026

T+115

3.5

BBB

2/4/2031

HY

TRACTC

2/13/2026

T+222

3.8

BB

3/1/2031

HY

PFORGE

3/3/2026

T+357

2.2

BB-

3/15/2031

HY

BLKPRL

2/4/2026

T+232

2.0

BB-

2/15/2031

CMBS

BX2026-VLT9

2/26/2026

S+170

2.1

AAA

3/15/2045

CMBS

BX2026-VLT9

2/26/2026

S+255

2.1

A

3/15/2045

ABS

SWTCH2026-1A2I

3/18/2026

T+185

0.5

AAA

3/25/2031

ABS

CMDC2026-1A2I

2/11/2026

T+120

0.5

AAA

2/25/2031

ABS

SDCP2026-1A2

1/28/2026

T+170

0.5

A

1/20/2031

ABS

QTSII2026-4A2

3/18/2026

T+195

0.2

A-

3/5/2031

ABS

SIDC2026-1A2

2/18/2026

T+185

0.7

A-

3/25/2031

ABS

COLO2026-1A2

1/16/2026

T+205

0.6

A-

2/25/2031

ABS

QTSII2026-1A2

1/16/2026

T+160

0.3

A-

1/5/2031

Source:Bloomberg,CreditFlow,GreenStreet,MorganStanleyResearch;Note:Select2026deals.

4

AIDebtFinancing|HyperscalerCapexRevisedHighervsNovember

Source:BloombergBEST,MorganStanleyResearchestimates;Note:ORCLestimatesincludedaboveonlyreflectcashcapex,anddonotincludePP&Eacquiredviafinanceleases

Morganstanley

CorporateCredit

InvestmentGradeandLeveragedFinance

Morganstanley

InvestmentGrade|HyperscalersataGlance–ASmallbutGrowingPartoftheIGIndex

Thereare5keyhyperscalersintheIGindex.FourofthemareAA-ratedorabove

Issuer

IndexEligibleDebtOut($bn)

%ofIG

Index

IGIndex

Rank

Composite

Rating

AMZN

100

1.0%

8

AA3

GOOGL

51

0.5%

26

AA2

META

59

0.6%

19

AA3

MSFT

34

0.3%

53

AAA

ORCL

119

1.2%

5

BBB2

Total

363

3.7%

Source(TopCharts):ICE,Bloomberg,MorganStanleyResearch.Note:Sortedbyalphabeticalorder.Indexeligibledebtrebalancedmonthlyandmaynotincludeintramonthissuance

Hyperscalerissuanceballoonedin2025to~$120bn.YTDin2026,$82bnhasbeenissuedbyAMZN,ORCL,andGOOGL

($bn)

140

120

100

80

60

40

20

0

HyperscalerIssuance

120.5

82.0

38.0

13.8

40.3

33.5

16.8

2020202120222023202420252026YTD

Theyonlyaccountfor4%oftheIGpublicindexvs~20%oftheS&P500

HyperscsalersShareofIGvs.S&P

Equity%ofS&P500Debt%oflGlndex

0%

2013201520172019202120232025

25%

20%

15%

10%

5%

UpcomingIndexmaturitiesaremanageableat$15-25bnannually

($bn)HyperscalerMaturityWalls

30

25

20

15

10

5

0

24.7

23.3

21.8

19.220.0

15.3

15.5

12.5

13.8

7.9

2026202720282029203020312032203320342035

Source(BottomCharts):Bloomberg,Dealogic,ICEBAML,MorganStanleyResearch.Note:IssuanceandMaturitynumbersincludetheJVBeignetInvestorLLC(RPLDCICorp)issuedin2025

Morganstanley

InvestmentGrade|Hyperscalers–BalanceSheetMetricsAreHealthy

•High-quality(AAandabove)hyperscalerfundamental

metricsareveryhealthy,withlowleverageandhighcashbalances

•Netleveragehasnotdeterioratedinrecentquarters

•ORCListhelargestnon-finissuerintheIGindexandtheonlyBBBratedhyperscaler

•Post$25bnFebissuance,ithas$57bnheadroombeforeovertakingJPMforthelargestissuerintheIGindex

Hyperscalercreditmetricsremainhealthyacrosstheboard

ORCListhetopnon-finnameintheIGindex

RankTickerSectorIndexDebt%ofIndex

1

2

3

176

165

163

Banking

Banking

FinancialServices

1.8%

1.7%

1.7%

JPMBACMS

9

10

11

12

13

14

15

98

89

81

78

72

69

66

1.0%

0.9%

0.8%

0.8%

0.7%

0.7%

0.7%

Telecommunications

Banking

Telecommunications

Media

Healthcare

Technology&Electronics

Utility

T

HSBC

VZ

CMCSA

UNH

AAPL

DUK

4GSFinancialServices1211.2%

5

ORCL

Technology&Electronics

119

1.2%

6

WFC

Banking

116

1.2%

7

C

Banking

111

1.1%

8

AMZN

Retail

100

1.0%

Note:Indexeligibledebtrebalancedmonthlyanddoesnotincludeintramonthissuance

Grossleveragemetricsremainlowbyhistoricalstandards

SelectCreditMetricsbySector4Q25

Sector

Gross

Leverage

Net

Leverage

Cash/

Debt

Median

Rating

CommunicationServices

2.5x

0.8x

63%

BBB+

Consumer

2.5x

1.9x

19%

BBB

Energy

1.6x

1.3x

10%

BBB

HealthCare

2.4x

1.7x

24%

BBB+

InformationTechnology

1.7x

0.6x

58%

BBB

Hyperscalers

1.1x

0.9x

89%

AA-

Materials

2.3x

1.8x

19%

BBB

Utilities

5.6x

5.5x

1%

BBB

Non-FinIG

2.3x

1.8x

20%

BBB

Source:Bloomberg,FactSet,ICEBAML,MorganStanleyResearch

GrossLeveragebySector(x)

8x

CommunicationServicesConsumer

EnergyHealthCare

——IndustrialsInformationTechnology

6x

HyperscalersMaterials

4x

2x

0x

2013201520172019202120232025

Morganstanley

InvestmentGrade|Hyperscalers–ORCLLeadsSpreadUnderperformance

ORCLissuerspreadspushingnear200bp

HyperscalersvsIGBroadRatings

AA——A——BBB——HQhyperscalersORCL

(bp)

250

200

150

100

50

•ORCLspreadsinbothcashandCDShavewidened

significantlysinceOctoberandstayselevatedvsallotherhyperscalers.

•METAisthesecondwidesttradingnameofthehyperscalers.

-

•MSFT,AAAratedandanamethathasnotissuedsince2018,isthebestperforming,buthasdriftedwiderwithotherhyperscalersinrecentweeks

GOOGL,META,andMSFTaddedtoCDXIGIndexinMarch

BeignetimprovingvsORCLinrecentweeks

(bp)

250

(bp)

HyperscalerCDSSpreadMoves

AMZNGOOGLMETAMSFTORCL

240

180

120

60

0

HyperscalerIssuerWeightedOAS

AMZNGOOGLMETAMSFTORCLBeignet

200

150

100

50

-

Source:ICE,Bloomberg,IHSMarkit,MorganStanleyResearch

Morganstanley

InvestmentGrade|SemiconductorsAlsoOnlyaSmallPortionoftheIGCreditIndex

•Semiconductorsaccountforabout2%oftheIGICEBAMLIndexvs14%oftheS&P

•Issuanceinthesectorpeakedin2021near$50bnbut2025cameinaclosesecond.Weexpectthesectortoissue$60bnin2026

•Maturitiesforthesenamespeakin2030andremainreasonablebeforethat

Semiconductorsrepresent~14%oftheS&Pvsjust2%ofIGindex

14%share_of_indexEquity%ofS&P

12%

10%

8%

6%

4%

2%

0%

2013201520172019202120232025

SemisShareofIGvs.S&P

16%

SemiconductorIssuancepeakedduringCOVIDSemiconductorMaturitiesmoderatein2026and2027

($bn)60

SemiconductorIssuance

2020

2022

2023

2024

2025

2026YTD

42.4

26.5

21.322.6

4.8

44.8

50

40

30

20

10

0

49.7

2021

SemiconductorMaturityWall

2026202720282029203020312032203320342035

($bn)

25

20

15

10

5

0

Source:Bloomberg,Dealogic,ICEBAML,MorganStanleyResearch;Forlistofincludednames,pleaseseeSemiconductorissuanceinAppendixA

Morganstanley

InvestmentGrade|DataCenterREITsParticipatinginIGIssuance

•WeseeAI-relatedissuancebroadeningoutbeyondonlythehyperscalersandsemiconductors

•QTSraised$4.6bnonApril6initsdebuthigh-gradebondsale,whichwillhelpfundaMicrosoft-tieddatacenter

•PerBloomberg,theBBBrateddealsaw$12.5bnindemandandsettled25bptighterthaninitialpricetalks(IPT)

•DLRandEQIXareotherdatacenterREITsactiveinthespaceandhaveissuedinothercurrenciesoutsideofUSD

DataCenterREITsIssuance

DLREQIXQTS

($bn)

5

4

3

2

1

0

20222023202420252026YTD

Source:Dealogic,MorganStanleyResearch;Note:IssuancetotalsincludeUSDdebtonly.DataasofApril6,2026

LeveragedFinance|AI-relatedIssuanceIsExpandinginLevFin,LedbyDebutIssuers

•TheindexeligiblenamesweareconsideringinourHYAI

universeareCRWV,APLD,CIFR,WULF,FLASHC,TRACTC,BLKPRL,PFORGE

•Allweredebuthigh-yieldissuersin2025

•XAIXXXissueddebtin2025,butcalledoutstandingdebton3/2/2026afteritwasacquiredbySpaceX

•AInamesaccountfor~2%oftheHYbondindex

AI-relatedIssuancebyissuer

LeveragedFinanceAIIssuance

HYBondsLeveragedLoans

2.05.5

6.0

5.0

4.0

3.0

2.03.7

1.0

0.0

APLDCIFR

3.8

TRACTC

3.0

XAIXXX

3.2

WULF

1.3

FLASHC

CRWV

4.5

Source:Bloomberg,ICEBAML,LCDPitchbook,MorganStanleyResearch;

Note:CIFRincludesBLKPRL,APLDincludesPFORGE

Thereare8AInamesinthelev.financemarket

Issuer

IndexEligible

DebtOut

($bn)

%ofNon-Fin

Index

Non-Fin

IndexRank

Composite

Rating

CRWV

5.50

0.4%

36

B+

TRACTC

3.80

0.3%

74

BB

WULF

3.20

0.2%

97

BB

APLD

2.40

0.2%

143

BB-

PFORGE

2.20

0.2%

171

BB-

BLKPRL

2.00

0.2%

189

BB-

CIFR

1.70

0.1%

230

BB-

FLASHC

1.30

0.1%

307

BB-

Total22.11.70%

Source:ICEBAML,MorganStanleyResearch,Note:Indexeligibledebtonly.

AI-relatedMaturities

10

5

0

20302031

($bn)LeveragedFinanceAIMaturityWalls

15

APLDCIFRCRWVFLASHCWULFBLKPRLPFORGETRACTC

Source:ICEBAML,MorganStanleyResearch,Note:Indexeligibledebtonly

11

12

LeveragedFinance|AI-relatedIssuerPerformance–Debt&Equity

SpreadChange(Equity%Change)

Entity

Description

Seniority

Spread

1d

1wk

2wk

1mth

S&P

Moody's

Out(mm)

Price

Yield

Fitch

YeartoDate

APLDCOMPUTECO2LLC

PFORGE63/403/15/31

1stlien

99.35

6.92

290

-31

-12

-14

Ba3

BB-

2,150

APLDCOMPUTECOLLC

APLD91/412/15/30

Secured

103.14

8.35

427

-20

+6

+26

+18

-179

BB-

BB-

2,350

BLACKPEARLCOMPUTELLC

BLKPRL61/802/15/31

Secured

101.95

5.56

152

-17

-5

-10

-30

Ba2

BB-

2,000

CIPHERCOMPUTELLC

CIFR71/811/15/30

1stlien

103.91

6.14

192

-21

-11

-17

-27

-84

Ba3

BB-

1,733

COREWEAVEINC

CRWV91/406/01/30

SrUnsecured

97.67

9.94

613

-45

+6

+25

-19

-150

B

B1

BB-

2,000

COREWEAVEINC

CRWV902/01/31

SrUnsecured

95.56

10.18

637

-19

+31

+42

+5

-118

B

B1

BB-

1,750

FLASHCOMPUTELLC

FLASHC71/412/31/30

Secured

100.84

6.99

294

-7

+14

+6

+1

-73

Ba3

1,300

SVRNOPROPERTYOWNER1

TRACTC57/803/01/31

Secured

99.14

6.09

209

-27

-12

-5

-6

Ba1

BB

3,800

WULFCOMPUTELLC

WULF73/410/15/30

Secured

105.50

6.00

178

-36

-19

-23

-43

-131

BB

Ba2

BB

3,200

APPLIEDDIGITALCORPAPLDEquity23.74

15.6%

-11.4%

-13.7%

-12.9%

-3.2%

CIPHERDIGITALINCCIFREquity12.87

7.1%

-13.5%

-14.7%

-17.5%

-12.8%

COREWEAVEINCCRWVEquity77.47

12.0%

-6.7%

-5.7%

-2.6%

8.2%

TERAWULFINCWULFEquity14.43

5.3%

-11.0%

-10.0%

-11.0%

25.6%

Source:Bloomberg,MorganStanleyResearch;Note:Dataasof3/31/2026

Morganstanley

SecuritizedCredit

DataCenterABS&CMBS

14

SecuritizedCredit|SecuritizedCreditDataCenterIssuancetoRampUpSharplyThrough2028

Weforecast~$30bnofseccreditissuancein2026,with~$9.5bnissuedYTD

$60,000GrossIssuance,DataCenterSecuritizedCredit($mm)

USABSCMBSEuropeSec.Credit

2018201920202021202220232024202520262026e2027e2028eYTD

$40,000

$20,000

$-

Source:CreditFlow,Trepp,Intex,Bloomberg,MorganStanleyResearchestimates.DatathroughFebruary28,2026.

TheDataCentersecuritizedcreditmarketsizesitsataround$60bn

DataCenterMarketOutstanding($mm)

USABSUSABSEst.USCMBSUSCMBSEst.

$200,000

$150,000

$100,000

$50,000$0

Source:CreditFlow,Trepp,Intex,Bloomberg,MorganStanleyResearch.DatathroughDec31,2025.

Weexpectnetissuancetoreallypickupin’27,asmoreleaseddatacenterscomeonline

NetIssuance,DataCenterSecuritizedCredit($mm)

USABSCMBS

$60,000

$40,000

$20,000$-

Source:CreditFlow,Trepp,Intex,Bloomberg,MorganStanleyResearchestimates.DatathroughDec31,2025

Thematuritywallisheaviestin2029-2030

CurrentOutstandingBalance,DataCentersbyARDor

FinalMaturityUSABSCMBS

2026202720282029203020312032

$15,000

$10,000

$5,000

$0

Source:CreditFlow,Trepp,Intex,Bloomberg,MorganStanleyResearch.DatathroughDec31,2025.ARD-(AnticipatedRepaymentDate)

15

DataCenterWAVGCostofCapital

202120222023202420252026

USABSSASBFloatingSASBFixed

10.00%

8.00%

6.00%

4.00%

2.00%

0.00%

SecuritizedCredit|DataCenterABS&CMBSSpreads

•Datacenterspreadstightenedthroughout2025asdemandpickedupandsupplywasrelativelycontained

•Rapidsupplyin1Q26andbroadercreditwideningsawspreadsindatacenterpaperbackupby~30-50bps

•Weexpectspreadstowidenfurtherwithsupplytoremainheavythisyear

•CostofcapitalhistoricallyhasbeenslightlyhigherinCMBSthanABS

2026DCCMBSnewissuepricedwiderdespiteabroadermarketrallytostarttheyear

NIA2DataCenterABSSpreads(4-7y)vsIGCorporates

300

250

200

150

100

140

120

100

80

60

PredominantlyHyperscalerMixedBusiness

Colocation

IGCorpIndex(RHS)

Jan-25

Feb-25

Mar-25

Apr-25

May-25

Jun-25

Jul-25

Aug-25

Sep-25

Oct-25

Nov-25

Dec-25

Jan-26

Feb-26

Mar-26

Source:Bloomberg,CreditFlow,GreenStreetAdvisors,MorganStanleyResearch

16

SecuritizedCredit|DataCenterABSHasBeenHealthyandLargelyWithoutPerformanceIssuesABSDebtServiceCoverageRatios

•DebtservicecoverageratiosinABShavebeengraduallycomingdownasissuersgrowtheirmastertrusts.However,levelsstillremainwellabovetriggerpoints.

•Boththeaverageshelf-levelandClassAloan-to-valueratioshavealsofallenasthemarkethasexpanded.Inahandfulofinstances,cashsweepshavetriggeredtobringLTVbackinline.

•CapratesremainsteadyacrossABSandCMBS.

DataCenterABS&CMBSCap.Rates

USABSCMBS

20212022202320242025

8.00%

6.00%

4.00%

2.00%

0.00%

3.503.002.502.001.50

1.00

WAVGDSCRMedianDSCR

Mar-20

Sep-20

Mar-21

Sep-21

Mar-22

Sep-22

Mar-23

Sep-23

Mar-24

Sep-24

Mar-25

Sep-25

Mar-26

WAVGLoan-to-ValueRatiosDataCenterABS

80%

70%

60%

50%

ShelfLTVClassALTV

Source:Bloomberg,MorganStanleyResearch

17

SecuritizedCredit|DataCenterCMBSNewIssueStats–CreditMetricsBroadlyComparableAcrossDCCollateralTypes

Predominantlyhyperscaledealscomprisethelargest%ofSASBgrossissuancebydealcount

CreditmetricsareconsistentacrossDCcollateral

Securitizedoccupancyratesarereportedabove90%

Leverageratioshoverinthelow60scrossDCcollateraltypes

Source:Trepp,SecuritizationDocs,MorganStanleyResearch;TheabovestatsshowunderwrittenweightedaveragecreditmetricsreportedatsecuritizationandareonaNCFbasis,ifapplicable.DCcollateraltypeiscategorizedbasedon

tenantcomposition:predominantlyhyperscale(>70%hyperscaleexposure),colocation(<1/3hyperscaleexposure),mixedbusiness(hyperscaleexposurebetweenthesethresholds)

18

SecuritizedCredit|DataCenterCMBSNewIssueStats–1QWrapswithOneColocationSASBDeal

Debtservicecoverageratioshavecompressedagainstahigherratebackdrop

2025DCSASBcaprateshavepricedtighterthanthatofoffice/lodging

SASBDCloan-to-valueratioshavetrendedmodestlyhigheralongsidebroaderleverageincreaseacrossallpropertytypes

DCSASBdebtyieldshaverangedfrom8-11%byvintage

Source:Trepp,MorganStanleyResearch;TheabovestatsshowunderwrittenweightedaveragecreditmetricsreportedatsecuritizationandareonaNCFbasis,ifapplicable.

Morganstanley

AppendixA

CompleteListofIssuancebyAssetClass

20

InvestmentGrade|HyperscalerIGIssuance–2026YTDPublicIGIssuance

TickerCUSIPPricingDate

TrancheSize

($mm)TenorIssueSpreadNIC

Sub

CoverageS&PMoody'sFitch

BBCompositeRating

1

ORCL4.5502/04/29

68389XDW2

2/2/2026

3000

3.0

95

0

4

BBB

Baa2

BBB

BBB

2

ORCLFloat02/04/29

68389XDV4

2/2/2026

500

3.0

111

3.8

BBB

Baa2

BBB

BBB

3

ORCL4.9502/04/31

68389XDX0

2/2/2026

3500

5.0

115

3

3.8

BBB

Baa2

BBB

BBB

4

ORCL5.3505/04/33

68389XDY8

2/2/2026

3000

7.2

130

0

4.3

BBB

Baa2

BBB

BBB

5

ORCL5.702/04/36

68389XDZ5

2/2/2026

5000

10.0

145

2

4.5

BBB

Baa2

BBB

BBB

6

ORCL6.5502/04/46

68389XEA9

2/2/2026

2250

20.0

170

2

4.2

BBB

Baa2

BBB

BBB

7

ORCL6.702/04/56

68389XEB7

2/2/2026

5000

30.0

180

2

4

BBB

Baa2

BBB

BBB

8

ORCL6.8502/04/66

68389XEC5

2/2/2026

2750

40.0

195

2

4.4

Baa2

BBB

BBB

9

GOOGL3.702/15/29

02079KBJ5

2/9/2026

2500

3.0

27

-3

4.5

AA+

Aa2

AA

10

GOOGL4.102/15/31

02079KBK2

2/9/2026

3000

5.0

43

3

4.5

AA+

Aa2

AA

11

GOOGL4.402/15/33

02079KBL0

2/9/2026

3000

7.0

53

3

4.8

AA+

Aa2

AA

12

GOOGL4.802/15/36

02079KBM8

2/9/2026

4250

10.0

63

1

4.5

AA+

Aa2

AA

13

GOOGL51/202/15/46

02079KBN6

2/9/2026

1500

20.0

75

3

5.7

AA+

Aa2

AA

14

GOOGL5.6502/15/56

02079KBP1

2/9/2026

4000

30.0

83

1

4.5

AA+

Aa2

AA

15

GOOGL53/402/15/66

02079KBQ9

2/9/2026

1750

40.0

95

3

5.5

AA+

Aa2

AA

16

AMZN3.8503/13/28

023135DB9

3/10/2026

2250

2.0

30

10

2.4

AA

A1

AA-

AA-

17

AMZNFloat03/13/28

023135CZ7

3/10/2026

1750

2.0

44

1.8

AA

A1

AA-

AA-

18

AMZN403/13/29

023135DC7

3/10/2026

3000

3.0

40

10

2.4

AA

A1

AA-

AA-

19

AMZNFloat03/13/29

023135DA1

3/10/2026

1000

3.0

59

3.1

AA

A1

AA-

AA-

20

AMZN41/403/13/31

023135DD5

3/10/2026

5000

5.0

55

10

2.7

AA

A1

AA-

AA-

21

AMZN4.5503/13/33

023135DE3

3/10/2026

4000

7.0

65

10

3.4

AA

A1

AA-

AA-

22

AMZN47/803/13/36

023135DF0

3/10/2026

6000

10.0

75

10

3.6

AA

A1

AA-

AA-

23

AMZN5.6503/13/46

023135DG8

3/10/2026

2500

20.0

95

10

4

AA

A1

AA-

AA-

24

AMZN5.803/13/56

023135DH6

3/10/2026

5500

30.0

105

10

3.7

AA

A1

AA-

AA-

25

AMZN5.9503/13/66

023135DJ2

3/10/2026

3000

40.0

118

11

3.6

AA

A1

AA-

AA-

26

AMZN6.0503/13/2076

023135DK9

3/10/2026

3000

50.0

130

10

3.4

AA

A1

AA-

AA-

Source:Bloomberg,MorganStanleyResearch

21

PublicIGIssuance

InvestmentGrade|HyperscalerIGIssuance–2025

TickerCUSIPPricingDate

TrancheSize

($mm)TenorIssueSpreadNIC

Sub

CoverageS&PMoody'sFitch

BBCompositeRating

1

AMZN3.911/20/28

023135CS3

11/17/2025

2500

3.0

30.0

0

AA

A1

AA-

AA-

2

AMZN4.111/20/30

023135CT1

11/17/2025

2500

5.0

40.0

0

AA

A1

AA-

AA-

3

AMZN4.3503/20/33

023135CU8

11/17/2025

1500

7.3

47.0

2

AA

A1

AA-

AA-

4

AMZN4.6511/20/35

023135CV6

11/17/2025

3500

10.0

55.0

0

AA

A1

AA-

AA-

5

AMZN5.4511/20/55

023135CW4

11/17/2025

3000

30.0

75.0

0

AA

A1

AA-

AA-

6

AMZN5.5511/20/65

023135CY0

11/17/2025

2000

40.0

85.0

0

AA

A1

AA-

AA-

7

GOOGL37/811/15/28

02079KAV9

11/3/2025

1000

3.0

30.0

10

5.7

AA+

Aa2

AA

8

GOOGL405/15/30

02079KAK3

4/28/2025

750

5.0

32.0

2

5.9

AA+

Aa2

AA

9

GOOGL41/205/15/35

02079KAL1

4/28/2025

1250

10.0

47.0

2

4.1

AA+

Aa2

AA

10

GOOGL43/811/15/32

02079KAX5

11/3/2025

1250

7.0

50.0

10

9

AA+

Aa2

AA

11

GOOGL4.111/15/30

02079KAW7

11/3/2025

2500

5.0

40.0

10

3.6

AA+

Aa2

AA

12

GOOGL4.711/15/35

02079KAY3

11/3/2025

3500

10.0

62.0

12

4.1

AA+

Aa2

AA

13

GOOGL51/405/15/55

02079KAM9

4/28/2025

1500

30.0

62.0

-3

7.2

AA+

Aa2

AA

14

GOOGL5.305/15/65

02079KAN7

4/28/2025

1500

40.0

70.0

-5

7.1

AA+

Aa2

AA

15

GOOGL5.3511/15/45

02079KAZ0

11/3/2025

2000

20.0

72.0

12

2.5

AA+

Aa2

AA

16

GOOGL5.4511/15/55

02079KBA4

11/3/2025

4000

30.0

82.0

12

3.6

AA+

Aa2

AA

17

GOOGL5.711/15/2075

02079KBB2

11/3/2025

2750

50.0

107.0

12

3.8

AA+

Aa2

AA

18

GOOGLFloat11/15/28

02079KAU1

11/3/2025

500

3.0

6.8

AA+

Aa2

AA

19

META47/811/15/35

30303MAD4

10/30/2025

6500

10.0

78.0

18

3.7

AA-

Aa3

AA-

20

META4.211/15/30

30303MAB8

10/30/2025

4000

5.0

50.0

15

4

AA-

Aa3

AA-

21

META4.611/15/32

30303MAC6

10/30/2025

4000

7.0

70.0

20

5.1

AA-

Aa3

AA-

22

META51/211/15/45

30303M8X3

10/30/2025

4500

20.0

88.0

13

3.4

AA-

Aa3

AA-

23

META53/411/15/65

30303M8Y1

10/30/2025

4500

40.0

110.0

15

3.7

AA-

Aa3

AA-

24

META55/811/15/55

30303MAE2

10/30/2025

6500

30.0

98.0

13

3.7

AA-

Aa3

AA-

25

ORCL4.4509/26/30

68389XDH5

9/24/2025

3000

5.0

75.0

7.5

3.9

BBB

Baa2

BBB

BBB

26

ORCL4.808/03/28

68389XCY9

1/30/2025

1500

3.5

57.0

0

3

BBB

Baa2

BBB

BBB

27

ORCL4.809/26/32

68389XDK8

9/24/2025

3000

7.0

90.0

5

3.9

BBB

Baa2

BBB

BBB

28

ORCL51/208/03/35

68389XDA0

1/30/2025

1750

10.5

97.0

2

3.1

BBB

Baa2

BBB

BBB

29

ORCL51/402/03/32

68389XCZ6

1/30/2025

1250

7.0

87.0

2

4

BBB

Baa2

BBB

BBB

30

ORCL57/809/26/45

68389XDP7

9/24/2025

2500

20.0

115.0

5

5.1

BBB

Baa2

BBB

BBB

31

ORCL5.209/26/35

68389XDM4

9/24/2025

4000

10.0

105.0

5

4.8

BBB

Baa2

BBB

BBB

32

ORCL5.9509/26/55

68389XDR3

9/24/2025

3500

30.0

125.0

5

4.8

BBB

Baa2

BBB

BBB

33

ORCL608/03/55

68389XDB8

1/30/2025

1750

30.5

122.0

2

3.2

BBB

Baa2

BBB

BBB

34

ORCL61/808/03/65

68389XDC6

1/30/2025

1000

40.5

135.0

0

3.2

BBB

Baa2

BBB

BBB

35

ORCL6.109/26/65

68389XDT9

9/24/2025

2000

40.0

137.0

7

5.1

BBB

Baa2

BBB

BBB

36

ORCLFloat08/03/28

68389XCX1

1/30/2025

500

3.5

76.0

3.5

BBB

Baa2

BBB

BBB

JVstyleIGIssuance

2025

Ticker

CUSIP

PricingDate

TrancheSize

($mm)

Tenor

IssueSpread

NIC

Sub

Coverage

S&P

Moody's

Fitch

BBComposite

Rating

1

BeignetInvestorLLC

076912AA2

10/16/2025

27294

23.6

225

A+

NR

NR

NR

Source:Bloomberg,Dealogic,MorganStanleyResearch

22

InvestmentGrade|SemiconductorIGIssuance–2025to2026YTD

2026TickerCUSIPPricingDate

TrancheSize

($mm)Teno