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Feb 13, 2026
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LONG
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Google issued a 100-year bond in Sterling. Oracle issued equity to defend its balance sheet. Brill notes, "I love the hundred years... if you get paid." Big Tech firms are locking in capital. Oracle issuing equity to protect its credit rating is a bullish signal for bondholders (prioritizing balance sheet health). The demand for the front-end of tech curves (Google 3-year) is high. LONG Big Tech Investment Grade debt, specifically favoring the front end for safety or the very long end (100yr) only if the yield curve steepens significantly. Tech spreads widening due to massive supply (record issuance). |
Bloomberg Markets
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