Corp. is leading a charge of 17 companies rushing to sell bonds in the US high-grade market on Monday ahead of the US midterm elections, in the longest lineup since September.

Oracle is selling $10 billion of US dollar investment-grade bonds and a similar amount in common stock to fund its artificial intelligence infrastructure buildout, according to regulatory filings. Borrowers storming the high-grade primary market also on Monday include hospital operator HCA Healthcare Inc., defense contractor L3Harris Technologies Inc., and railcar leasing company GATX Corp.

A number of the firms haven’t sold investment-grade notes in several years, including HVAC firm Carrier Global Corp., which hasn’t been in the market since 2023.

The debt deluge marks the most number of issuers tapping the market since September 8, and follows a slew of corporate earnings reports that signaled growing spending plans. Dealers had anticipated about $45 billion of issuance for this week, as borrowers look to get ahead of a potential spike in volatility after Tuesday’s US midterm vote and Friday’s jobs report.

The most important driver has been the decline in the level of bond yields since early October and also a drop in rate volatility after the Federal Reserve left its benchmark rate unchanged last week, according to Ed Al-Hussainy, portfolio manager at Columbia Threadneedle.

“The high grade market has a solid base of yield-sensitive demand that stepped back temporarily as rate volatility spiked in September and early October,” he said. “With the FOMC behind us and no major negative leverage surprises in the Q3 earnings season so far, this is a good window for issuers to step back into the market.”Among other companies launching bond offerings Monday are Otis Worldwide Corp., Cheniere Energy Inc., AEP Transmission Co., Textron Inc., Eastman Chemical Co. and Hyatt Corp., according to Bloomberg-compiled data.

Oracle’s $20 billion debt raising effort comes just days after the company revealed a long-term fundraising plan to finance its AI infrastructure spending spree. The firm is selling the debt in five tranches, with maturities ranging from three to 20 years.

It also follows Microsoft Corp.’s mega $25 billion bond offering, which broke a nearly three-month hiatus in Big Tech hyperscaler bond sales. Meanwhile, Alphabet Inc. sold debt in the euro bond market for the second time this year, offering considerably higher yields than in its May offering as concerns over the pace of AI spending spooked investors and drove a credit-market selloff.

And Meta Platforms Inc. is looking at selling at least $20 billion of high-grade bonds in multiple currencies. The firm asked Citigroup Inc. and Morgan Stanley to hold investor calls on Monday and Tuesday, according to people with knowledge of the matter, asking not to be identified because they’re not authorized to speak publicly.

“High-grade credit is a deep market, but clarity is key,” said Daniel Sorid, head of U.S. IG Credit Strategy at Citigroup.

The massive amount of money needed to finance AI data centers and chips is weighing on the entire credit market, Al-Hussainy warned.

“Taking a step back, credit markets across the quality spectrum are struggling to digest the scale and speed of the financing needed for the AI infrastructure buildout,” he said, noting that this is a “struggle” that will not end even with positive long-term guidance from Oracle.