---
title: "Banks plan a $21 billion bond sale of Anthropic chip debt as Fitch sizes Broadcom's $43.5 billion guarantee"
description: "Banks plan to sell about $21 billion of high-grade bonds as soon as early 2027 to refinance part of Broadcom's $63 billion Anthropic chip package, a sale that would move the AI lab's lease risk from bank balance sheets to bond investors. The same day, Fitch affirmed Broadcom at A- and put hard numbers on the guarantee behind it."
publisher: "The Inference"
section: "Deals"
published: 2026-10-28T00:49:06.318Z
modified: 2026-10-28T00:49:06.318Z
canonical: https://theinference.org/article/banks-plan-a-21-billion-bond-sale-of-anthropic-chip-debt-as-fitch-sizes-broadcom-s-43-5-billion-guarantee
language: en
keywords: "Broadcom, Anthropic, Bond Sale, AI Chip Financing, Fitch"
---

# Banks plan a $21 billion bond sale of Anthropic chip debt as Fitch sizes Broadcom's $43.5 billion guarantee

> Banks plan to sell about $21 billion of high-grade bonds as soon as early 2027 to refinance part of Broadcom's $63 billion Anthropic chip package, a sale that would move the AI lab's lease risk from bank balance sheets to bond investors. The same day, Fitch affirmed Broadcom at A- and put hard numbers on the guarantee behind it.

Banks are preparing to [sell about $21 billion of high-grade bonds](https://finance.yahoo.com/technology/ai/articles/banks-eye-21-billion-bonds-200929570.html) as soon as the first quarter of 2027, taking up to half of the $42 billion they lent inside chipmaker [Broadcom](https://theinference.org/markets/companies/broadcom)'s $63 billion package for the AI lab [Anthropic](https://theinference.org/markets/companies/anthropic) off their own books [1]. Other banks are expected to submit commitments to join the group in the coming days [1].

The package works like a rental. A special-purpose company, a standalone vehicle created for the deal, is set up to borrow the money, buy Broadcom's chips and lease them to Anthropic, whose lease payments repay the debt [1]. No hardware has moved yet: deliveries are expected to start in calendar 2027 [2].

[Bank of America](https://theinference.org/markets/companies/bank-of-america), [Citigroup](https://theinference.org/markets/companies/citigroup) and [Morgan Stanley](https://theinference.org/markets/companies/morgan-stanley) hold the first lien, first in line for repayment, on the $42 billion senior tranche; [Blackstone](https://theinference.org/markets/companies/blackstone) is the sole second-lien lender, paid behind them, with $9 billion [1][2]. Broadcom guarantees what the hardware will still be worth on that senior debt, a backstop called residual value support [1]. The package [came together Monday](https://theinference.org/article/broadcom-guarantees-chip-resale-value-in-a-63-billion-anthropic-lease-from-bofa-citi-and-morgan-stanley); the bond exit is what is new [1].

*Chart: **Banks hold $42 billion of the $63 billion package and plan to sell about half to bond investors** Stacked bar splitting Broadcom's $63 billion Anthropic financing into the $42 billion bank first-lien tranche, Blackstone's $9 billion second lien, and the implied remainder of the junior tranche.*

*US$ billions at the October 26, 2026, announcement. The third part is implied: the $63 billion total less the $42 billion bank tranche and Blackstone's $9 billion commitment. Broadcom's residual-value guarantee covers the first-lien portion. Sources: Bloomberg via Yahoo Finance; 24/7 Wall St. [1][2]*

## Fitch puts numbers on the guarantee

Hours later, the rating agency Fitch [affirmed Broadcom at A- with a positive outlook](https://finance.yahoo.com/markets/stocks/articles/fitch-affirms-broadcom-positive-outlook-201926882.html), and put figures on what it is blessing [3]. Fitch counts more than $70 billion of lease financing across two customer structures, headlined by a $43.5 billion residual-value pact, and will add about $4 billion to Broadcom's adjusted debt by fiscal 2027, scaling to roughly $15 billion by fiscal 2029 [3].

Against that sits post-dividend free cash flow above $30 billion this fiscal year [3]. The tripwires are explicit. If backstop-adjusted net debt, borrowings with Fitch's lease guarantees folded in, crosses $150 billion, the outlook drops to Stable; $185 billion brings a downgrade review if hardware values crack [3]. Fitch also warned the buildout rests on circular ties among suppliers, labs and lenders, which a pullback in hyperscaler spending, the giant cloud operators' chip budgets, would break [3].

## Who ends up holding the lease

The bond market decides. Anthropic [filed Nasdaq IPO paperwork on October 26](https://www.adgully.com/post/22879/anthropic-files-for-us-ipo-disclosing-273m-marketing-surge-and-163b-h1-2026-revenue) showing $16.3 billion of first-half revenue and an $80.8 billion six-month net loss, $72.4 billion of it non-cash swings on convertible notes [4]. Investors have already absorbed more than $455 billion of AI-linked borrowing this year, and money managers are growing warier [1].

Risk is priced inside the deal: the senior tranche was pitched near 7 percent, while Blackstone's junior slice, which sits outside the guarantee, was [pitched above 10](https://cryptobriefing.com/anthropic-blackstone-double-digit-yield-chip-financing/) [5][8]. Broadcom chief executive [Hock Tan](https://theinference.org/markets/people/hock-tan) says the transaction "validates that there is capital available to finance such growth" [2]. The stock rose 4 percent anyway [6].

## More chip leases are already queuing

The queue keeps growing. [SpaceX](https://theinference.org/markets/companies/spacex) [committed to a roughly $40 billion Apollo-led chip lease on October 26](https://finance.yahoo.com/technology/articles/spacex-commits-40-billion-gpu-135900722.html) [7], and Broadcom is [arranging more than $50 billion](https://theinference.org/article/broadcom-lends-anthropic-42-billion-then-raises-50-billion-for-openai-s-chips) for [OpenAI](https://theinference.org/markets/companies/openai) [8]. Broadcom supplies the silicon and guarantees its remaining value; the bond buyer owns the rent, and the risk that it keeps arriving. Commitments are expected within days, and the bonds' final size and timing depend on market conditions [1]. Anthropic's first public quarters land in between.

*Chart: **Broadcom's Anthropic package tops a record year of AI chip leasing** Bar chart ranking 2026's AI chip leasing packages: Broadcom-Anthropic $63 billion, Broadcom-OpenAI $50 billion reported target, SpaceX-Apollo $40 billion, and June's $35 billion Anthropic deal.*

*Announced or reported package size, US$ billions, October 2026. The OpenAI figure is an early-stage reported target, not a signed deal. Sources: Bloomberg via Yahoo Finance; Proactive via Yahoo Finance; Yahoo Finance. [1][7][8]*

## Takeaway

Banks plan to move about $21 billion of Broadcom's Anthropic chip debt to bond investors as soon as Q1 2027, the day after Fitch put numbers, and explicit downgrade tripwires, on Broadcom's $43.5 billion guarantee.

## Sources

1. [Bloomberg via Yahoo Finance, Banks Eye $21 Billion of Bonds for Broadcom Chip-Financing Deal, 27 October 2026](https://finance.yahoo.com/technology/ai/articles/banks-eye-21-billion-bonds-200929570.html)
2. [24/7 Wall St. from the Broadcom newsroom, Bank of America, Blackstone, Citi and Morgan Stanley Announce Landmark $63 Billion Financing Structure, 26 October 2026](https://247wallst.com/cards/bank-of-america-blackstone-citi-and-morgan-stanley-announce-landmark-63-billion-avgo-press-release-01m5xk7f2rg0gbzn97wt189v5f)
3. [Investing.com via Yahoo Finance, Fitch affirms Broadcom at 'A-' with positive outlook despite AI backstop risks, 27 October 2026](https://finance.yahoo.com/markets/stocks/articles/fitch-affirms-broadcom-positive-outlook-201926882.html)
4. [Adgully, Anthropic files for US IPO, disclosing $273M marketing surge and $16.3B H1 2026 revenue, 27 October 2026](https://www.adgully.com/post/22879/anthropic-files-for-us-ipo-disclosing-273m-marketing-surge-and-163b-h1-2026-revenue)
5. [Crypto Briefing, Anthropic offers Blackstone double-digit yield in $60 billion chip financing push, 16 October 2026](https://cryptobriefing.com/anthropic-blackstone-double-digit-yield-chip-financing/)
6. [Investor's Business Daily via Yahoo Finance, Stock Market Today: Dow Up Ahead Of Fed Decision; Nasdaq Jumps, Broadcom Pops, 27 October 2026](https://finance.yahoo.com/m/6294d29d-51d6-3bfe-87d4-877203694b78/stock-market-today-dow-up.html)
7. [Proactive via Yahoo Finance, SpaceX commits to $40 billion GPU lease in record financing deal, 26 October 2026](https://finance.yahoo.com/technology/articles/spacex-commits-40-billion-gpu-135900722.html)
8. [Yahoo Finance, Broadcom Is Arranging $50 Billion So OpenAI Can Buy Its Chips, 8 October 2026](https://finance.yahoo.com/technology/ai/articles/broadcom-arranging-50-billion-openai-060941579.html)


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Banks plan a $21 billion bond sale of Anthropic chip debt as Fitch sizes Broadcom's $43.5 billion guarantee — The Inference. Canonical: https://theinference.org/article/banks-plan-a-21-billion-bond-sale-of-anthropic-chip-debt-as-fitch-sizes-broadcom-s-43-5-billion-guarantee