BofA, Citi and Morgan Stanley syndicate $60bn debt package to fund Anthropic's AI chip leases
AI Market Summary
A $60B syndicated debt package led by major banks to fund Anthropic's leasing of Google AI chips signals continued depth of credit demand for AI infrastructure. The structure (senior secured loans leveraging Broadcom collateral/ratings plus subordinate debt taking Anthropic credit risk, potentially marketed post-IPO) highlights evolving financing channels for compute supply. Near term, it can influence sentiment and funding conditions across AI-exposed large-cap tech.
Impact level
● Medium
Affected assets
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● Neutral
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Bank of America, Citigroup and Morgan Stanley have started syndicating parts of a $60 billion debt financing package to other lenders, the Financial Times reported on October 6. Proceeds will support Anthropic's plan to lease Google chips to secure AI computing capacity, marking what is expected to be a record-setting financing tied to chip-related demand.
The banks have already underwritten the transaction. The structure includes about $42 billion of senior secured loans backed by Broadcom, a tranche that has already entered syndication. With Broadcom's A-rated credit profile, this senior debt could later be placed via private markets or sold in the investment-grade bond market.
A further $18 billion of unsecured subordinated debt is slated to come later. Blackstone has committed roughly $9 billion of that amount. The funding is intended to finance Anthropic's chip orders for 2027, with lease payments beginning once the chips are delivered.
Because subordinated lenders would take direct exposure to Anthropic's credit risk, the banks may delay marketing that portion until after the company's planned IPO, seeking greater financial disclosure. The deal is being watched as a bellwether for investor appetite for AI-linked debt financing.