Demand for debt from Amazon, Apple, Meta, Microsoft and Oracle weakened to its lowest level since at least September 2025, signaling thinner investor appetite even for top-rated corporate issuers.
Big Tech bond demand weakened in July as cover ratios for offerings from Amazon, Apple, Meta, Microsoft and Oracle fell to about 1.7x, the lowest level since at least September 2025. A lower cover ratio generally means investor orders were only modestly above the amount of bonds being sold, pointing to less aggressive demand than in more oversubscribed deals. The move suggests the pool of easy buyers is shrinking even for some of the market’s strongest blue-chip issuers.