European issuance of bonds backed by AI infrastructure has crossed €40 billion this year, more than triple the volume of the same period in 2025, according to data compiled by Graupel News from JPMorgan and ICMA records.
Pension funds in the Netherlands and Norway have together absorbed roughly 38 per cent of the new long-dated paper, attracted by yields of 5.6 to 6.2 per cent on contracts underwritten by twenty-year offtake agreements with hyperscalers.
"We are watching the birth of a new fixed-income asset class in real time," said Hendrik van Velzen, head of alternatives at APG. "It looks, walks and quacks like infrastructure debt, but the obligor is a software company."