PIMCO says AI borrowers now drive nearly half of long-dated US investment-grade issuance

The bond giant's multi-asset strategist suggests mortgage bonds and emerging-market debt as diversifiers in a credit market increasingly shaped by the AI build-out The AI boom has picked up a new habit: borrowing for a very, very long time. PIMCO’s Lotfi Karoui says AI-related borrowers accounted for nearly half of year-to-date gross supply in the non-financial slice of the US investment-grade corporate bond market for maturities beyond 15 years, as of late October 2026. That puts a lot of one theme in one corner of the credit market, and the bond giant thinks investors should start looking elsewhere for balance. Karoui is a managing director and multi-asset strategist at PIMCO.

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