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Large technology companies building out AI compute infrastructure need capital at a scale that eventually pushes them beyond their home currency markets.
This year, bonds from companies including Alphabet and Amazon have accounted for more than a quarter of Swiss franc corporate issuance, shaking up a market whose supply calendar has historically been set by domestic and European names.
That share puts AI-linked borrowers in a position to shape the Swiss franc market's aggregate credit profile in a way the domestic issuer base no longer can. The constraint here is a concentration problem.
When a single issuer category takes more than a quarter of annual supply in a given currency, the market's funding cycles begin reflecting theirs rather than the broader mix.
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