Basket median
113bps
AI-BOND-INDEX / capex credit monitor
SNAPSHOT 2026-10-23 · FINRA TRACE · 223 BONDS · Δ vs PRIOR
The market is still paying AI-capex borrowers — but the gap is 110 bps
Infra ↔ hyperscaler gap
110bps
Widest name
ORCL 296
Tightest name
MSFT 61
Per-issuer spread ladder
| Issuer | Median spread | Δ | Term structure | Bonds | Bucket |
|---|---|---|---|---|---|
| Oracle ORCL | 296 bps | +6 | 52 | AI-infra | |
| Meta META | 128 bps | +3 | 25 | Hyperscaler | |
| Broadcom AVGO | 124 bps | +9 | 35 | AI-infra | |
| Nvidia NVDA | 95 bps | +11 | 13 | AI-infra | |
| Amazon AMZN | 87 bps | +3 | 43 | Hyperscaler | |
| Alphabet GOOGL | 72 bps | +1 | 30 | Hyperscaler | |
| Microsoft MSFT | 61 bps | -2 | 25 | Hyperscaler |
30-day benchmark spreads
Source: FINRA public TRACE · Treasury-interpolated spreads
Weekday 19:30 ET refresh