$14 Trillion in IG Supply Coming to the Market

Apollo Chief Economist

Ten trillion dollars in existing US government debt will need to be refinanced over the coming 12 months, see chart below.

The budget deficit this year is about $2 trillion.

Total gross corporate bond issuance in 2026 is likely to be around $2 trillion because of increased supply from hyperscalers.

Adding it all up, the total amount of investment grade supply coming to the market this year is around $14 trillion.

The bottom line is that the growing supply of investment grade fixed income product is putting upward pressure on rates and credit spreads.

$10trn of US government debt will mature over the next year, which is 33% of all debt outstanding
Sources: US Department of Treasury, Macrobond, Apollo Chief Economist

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