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Data-center debt gets expensive, and banks hold back an Anthropic-linked bond
At least 18 data-center financings in the junk-bond and leveraged-loan markets now carry double-digit yields, according to Bloomberg data. JPMorgan and Goldman Sachs had to offer steeper discounts to sell a $5 billion loan for the Volta Infrastructure, pushing its yield above 11% B. Morgan Stanley strategist Carolyn Campbell said the highest-rated data-center bonds yielded under 5% at the start of the year and are near 7% now, and that issuing gets "significantly more challenging" as costs approach 8% B. Investors are pricing contractual exits, too: Oracle sent a force-majeure notice last month on a delayed New Mexico site.
The same day, Bloomberg reported that banks have delayed selling part of the $15 billion loan for the Texas data center leased to Anthropic, because the state's audit of grid connections has frozen new projects B. Lenders had planned to sell $5 billion to $7 billion of bonds this fall and may now spread that over a year, which keeps the risk on their own books C. SourcesBBBC
Sources
- BWall Street's AI debt machine is starting to choke on supply (Bloomberg)bloomberg.com
- BSame, syndicated (Yahoo Finance)finance.yahoo.com
- BBanks shelve bond sale for Anthropic-tied Texas data center (Bloomberg)bloomberg.com
- CBanks put off selling Anthropic data center debt (Finimize)finimize.com
This story ran in the Afternoon Brief of October 28th 2026.