Large tech deals frequently involve bond issuance to fund the purchase price, and a more active deal environment means more paper hitting the market. JPMorgan’s earlier projections from late 2025 pegged tech issuance at around $250B, with the broader Technology, Media, and Telecommunications sector estimated at nearly $400B. The 14% share tech held in the bond market at that point was built on optimism and not much else. A decade ago, tech bond issuance was frequently tied to shareholder returns: borrowing cheaply to fund buybacks and dividends. What this means for the bond market and beyondA single sector accounting for one-fifth of all US investment-grade issuance creates concentration risk that fixed-income investors can’t ignore.