Morgan Stanley expects hyperscalers to borrow $400 billion this year, up from $165 billion in 2025. The offering spree will likely drive high-grade debt issuance to a record $2.25 trillion this year, Vishwas Patkar, head of US credit strategy at the bank, wrote in a note on Monday. Some credit strategists — including Patkar and JPMorgan Chase & Co.’s Nathaniel Rosenbaum  —  expect the massive issuance to push corporate bond spreads wider.