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macroJul 17, 2026, 10:05 PM

Big Tech Bond Demand Cools as Cover Ratio Drops to 1.7x

Investor demand for bonds issued by major tech firms fell sharply in July, with the average cover ratio dropping to 1.7x, the lowest since September 2025, well below the broader investment-grade average of 3.4x.

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Demand for Big Tech bonds is weakening. The average cover ratio for bond deals from Amazon, Apple, Meta, Microsoft, and Oracle slipped to approximately 1.7x in July, the lowest level since at least September 2025. This metric measures how many dollars of investor orders are received for every dollar of bonds issued.

Over the past five months, the cover ratio has fallen by 3.0 points. By comparison, the average across all investment-grade bonds currently stands at 3.4x, roughly double the Big Tech figure. In February 2026, the group's average cover ratio was 4.7x, which was 0.8 points above the broader market.

The decline comes as Big Tech has issued a record $194 billion in debt across various currencies so far this year, accounting for about 9% of total US investment-grade bond supply. Analysts suggest bond investors are becoming increasingly reluctant to finance the AI buildout.

Source: The Kobeissi Letter