其2035年到期、票面利率5.2%的债券利差周五扩大0.17个百分点至1.71个百分点；而发行时仅较同期限美债高1.05个百分点。该券殖利率升至5.9%，高于最高等级垃圾债篮子5.69%的平均值（且该篮子久期更低），凸显风险定价恶化。
同时，知情人士称部分为OpenAI建置的资料中心完工时间由2027延后至2028；尽管公司称不影响合约里程碑，信用保护成本仍上升14.4个基点至151.3个基点，并连续第二个交易日处于自2009年以来最高水准。甲骨文作为投入「Stargate」等AI基建（目标投资5000亿美元）的借款代表，其部分债券最晚到2065年到期；银行、投资人以CDS对冲，管理层则称将维持投资级并可能少借于市场预期。
Oracle’s new investment-grade notes are trading more like junk as delays in some AI-related data centers add to profit fears. Since Oracle sold $18 billion of high-grade debt in September, investors’ paper losses have reached about $1.35 billion, extending declines after quarterly earnings earlier this week.
On Friday, the spread on Oracle’s 5.2% notes due 2035 widened by 0.17 percentage point to 1.71 percentage points. The bonds were issued at 1.05 percentage points over comparable Treasuries, and their yield has climbed to 5.9%, above the 5.69% average for a top-tier junk-bond basket with shorter duration.
People familiar said some Oracle data centers for OpenAI were pushed to 2028 from 2027, though Oracle said required sites and milestones remain on track. Credit protection costs rose as much as 14.4 basis points to 151.3 basis points, near the highest since 2009 for a second straight session. As a key borrower for AI infrastructure—including the $500 billion “Stargate” effort—and with bonds out to 2065, banks and investors are hedging via CDS, while management says it intends to keep an investment-grade rating and may borrow less than forecasts.
