Apollo’s Zelter Predicts Surge in Debt Sales Amid AI Boom

Published on June 4, 2026

The investment landscape typically revolves around the stable issuance of US Treasuries as a key financial benchmark. For many firms, engaging with public markets has remained a crucial method for raising capital. However, the current environment is shifting dramatically.

Jim Zelter, president of Apollo Global Management, points to an incoming wave driven capital expenditures. This surge may pose challenges for smaller companies attempting to raise funds through traditional public offerings. As the demand for investment-grade debt increases, these smaller entities may find themselves squeezed out.

According to Zelter, investment-grade debt sales are projected to surpass net issuance of US Treasuries in 2023. This prediction reflects a broader trend in the capital markets, as corporations increasingly turn towards debt rather than equity financing. As the AI boom accelerates, firms are looking for flexible financing solutions to keep pace.

The implications of this shift are significant. With larger companies capitalizing on debt opportunities, smaller firms may face tougher conditions. As the market adjusts, disparities in access to capital could widen, influencing overall economic dynamics moving forward.

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