No. 1057 - Corporate bond pricing in the AI era

Questioni di Economia e Finanza (Occasional papers)
by Marco Albori and Andrea Zaghini
September 2026
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This paper examines the effects of the diffusion of generative artificial intelligence (AI) on the pricing of corporate bond issuance. Using bond-level data for U.S. non-financial corporations issuing debt between January 2020 and February 2026, we investigate whether investors differentiate firms according to their position in the AI value chain.

We find that firms deriving revenues from the provision of data-centre services (the so-called hyperscalers) benefited from a significant reduction in borrowing costs relative to comparable issuers, while software firms experienced a deterioration in financing conditions. Overall, the evidence suggests that expectations about the distribution of the benefits and costs associated with the diffusion of generative AI were rapidly priced into credit markets.

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  1. 17 September 2026
    No. 1057 - Corporate bond pricing in the AI era
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