US corporate debt issuance is skyrocketing: US investment-grade corporate bond sales are expected to rise +$37 billion YoY in November, or +27%, to $175 billion, the highest for any November on record. This would mark a +$76 billion, or +77%, increase from November 2024 level. To put this into perspective, the 5-year average before 2025 was $104 billion. By comparison, US investment-grade bond issuance stood at ~$100 billion in October. As a result, US investment-grade bond sales have risen to a record $1.76 trillion YTD, already surpassing the full-year 2025 total of $1.75 trillion. Meanwhile, over $300 billion in AI-related corporate bonds have been issued in global investment-grade markets so far in 2026, almost 3 times the total for all of 2025. AI spending is fueling an unprecedented wave of corporate borrowing.