Pin Hao said that judging from comprehensive nominal yields, term premiums, and swap spreads, there is quite little evidence that AI companies' issuance of bonds exceeding expectations is driving up US Treasury yields. Multi-asset credit strategist Lotfi Karoui wrote in the report that the AI capital expenditure boom may indeed raise equilibrium real interest rates through savings and investment channels, but if AI debt issuance is having a direct crowding effect on US Treasury bonds, it is difficult to find support for this narrower view in the data. Pimco pointed out that in the past year, there were six bond issuance transactions that exceeded expectations, and its existing bonds experienced an abnormal decline before and after the issuance announcement was issued, which indicates that the scale or timing of these issuances was not fully priced by the market.

Pin Hao said that judging from comprehensive nominal yields, term premiums, and swap spreads, there is quite little evidence that AI companies' issuance of bonds exceeding expectations is driving up US Treasury yields. Multi-asset credit strategist Lotfi Karoui wrote in the report that the AI capital expenditure boom may indeed raise equilibrium real interest rates through savings and investment channels, but if AI debt issuance is having a direct crowding effect on US Treasury bonds, it is difficult to find support for this narrower view in the data. Pimco pointed out that in the past year, there were six bond issuance transactions that exceeded expectations, and its existing bonds experienced an abnormal decline before and after the issuance announcement was issued, indicating that the scale or timing of these issuances was not fully priced by the market.