The bond terminal, unlocked. A bond calculator for fixed income nerds.
Joined December 2025
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From WSJ, the Anthropic S-1:
Anthropic’s draft IPO prospectus shows explosive growth USD 16.3b in 1H26 revs, up from USD 1.1b a year earlier, but aa USD 81b net loss, mostly from accounting charges tied to financing.
The company’s expansion depends on scarce computing capacity: it has more than USD 600b in future infrastructure commitments, with up to another USD 150b under negotiation.
You can check the bond information at bondterminal.com/calculator/…
World's largest corporate bond, RPLDCI of 2049 ($27BN bond funding Meta's Hyperion data center), hit new lifetime lows
BondTerminal retweeted
There’s a whole spectrum of AI Infra bonds here. Different tenants, liens and backstops, very different yields.
CRWV unsecured ~15%, project bonds with CoreWeave as tenant 8–12%, Google-backstopped leases ~7%.
Great overview. The $CRWV 9.75% 2031 is at 1,017bps, from 502bps at issue in April.
Track every CoreWeave note on BondTerminal: bondterminal.com/issuers/cor…
Back in April of this year, CoreWeave priced unsecured notes at 530bps. Those same bonds now trade over 1,000bps
Until now the cost of financing didn’t seem to be slowing anything down in the AI ecosystem. That might finally be changing
junkbondinvestor.com/p/credi…
Need for additional financing remains a key overhang for sentiment, especially given the recent neocloud debt saga. We model $60bn, $80bn, and $90bn of issuance in 2027/28/29. Expect vanilla IG at this time, but SpaceX has a range of options at its disposal.
- Morgan Stanley regarding $SPCX
We are going to see the bond market grow at unprecedented rates due to the hyperscalers' issuance.
Need for additional financing remains a key overhang for sentiment, especially given the recent neocloud debt saga. We model $60bn, $80bn, and $90bn of issuance in 2027/28/29. Expect vanilla IG at this time, but SpaceX has a range of options at its disposal.
- Morgan Stanley regarding $SPCX
We are going to see the bond market grow at unprecedented rates due to the hyperscalers' issuance.
Cierre 19-Oct Argentina| @BondTerminal | RP en máximo del año
- Soberanos -0.4 en promedio (cable); GD46 -0.8pts. RP 678 (+30).
- Afuera, S&P +0.4%, Nasdaq +1.1%; BRL +0.7% frente al dólar.
- Septiembre: exportaciones USD 10b (+23.5% interanual); superávit comercial USD 3b.
- BCRA compró USD 18m; reservas USD 50.2b.
40 seconds from “where do $ORCL bonds trade?” to “what are they worth at 12%?”
Built for this.
Bonds at open | Mon 19 Oct
YTW · OAS (chg)
- US HY 7.99% · 289bps (−4)
- EM sov 7.06% · 195bps (flat)
- US IG 6.04% · 88bps (flat)
Treasuries
- 5Y 4.92% (+3)
- 10Y 5.11% (+2)
- 30Y 5.44% (+1)
BondTerminal retweeted
The best place to follow AI Infrastructure Bonds
$CRWV $GLXY $ORCL $WULF
bondterminal.com/l/ai-infras…
The best place to follow AI Infrastructure Bonds
$CRWV $GLXY $ORCL $WULF
bondterminal.com/l/ai-infras…
Cierre 16-Oct | @BondTerminal | Sacudida mundial
- Soberanos -1.1 en promedio (cable); GD46 -2.0pts. RP 648 (+26).
- Afuera, S&P -1.1%, Nasdaq -2.1%; VIX +21.4% a 20.0. Brent +3.5%. Sigue pesando la revision el negocio AI y la suba del petroleo.
- Superávit financiero de $977 mil millones en septiembre; 0.3% del PIB acumulado en nueve meses.
- BCRA compró USD 68m; reservas USD 50.2b <- impresionante lo solido que esta el BCRA y el T de C.
Cierre 15-Oct | @BondTerminal
- Soberanos casi sin cambios (cable); GD46 +1.2pts. RP 622 (+11).
- Afuera, S&P +0.3%, Nasdaq +0.1%; VIX -2.4% a 16.5. BRL -1.2% frente al dólar.
- EE.UU.: inflación mayorista +1.3% mensual y +6.3% interanual en septiembre. Aun así, Treasury 10Y -10bps a 5.09%.
- BCRA compró USD 182m; reservas USD 50b.
Even buildings rented to CoreWeave held up when rent is already flowing.
Core Scientific: stock −32%, bond −3%.
Applied Digital: stock −24%, bond −2%.
We made a public list of all 18 AI-infrastructure bonds: CoreWeave, the data-center bonds, Oracle and SoftBank's new bonds that funded its OpenAI stake.
Price, yield and spread, updated daily. 👇 Would you rather own CoreWeave 2032 at 15%, or a Google-backed data-center bond at 7%?
bondterminal.com/l/ai-infras…
