Wall Street dealers were already bracing for a potential record in September for high-grade US corporate bond sales, and recent surging yields may give the blue-chip companies even more reason to borrow now before funding costs rise further.

BlackRock Inc.’s $12.55 billion bond sale tied to a Meta Platforms Inc. data center rallied in early trading on Monday in a sign that relatively high yields on the debt ultimately attracted investors.

BlackRock Inc. began marketing $12.3 billion of high-grade bonds to fund a Meta Platforms Inc. data center project, testing investor appetite amid growing concerns about excessive AI infrastructure spending.

SpaceX is seeking to raise between $20 billion and $25 billion from a debut bond offering on Tuesday, after attracting about $30 billion of investor orders even before the sales process had formally begun, according to people with knowledge of the matter. At that size, the deal would rank among the biggest of the year, according to Bloomberg-compiled data.

A key source of demand for corporate bonds may be fading now that managers of company pension funds have more than enough money on hand to pay their retirees.

The industry is entering a more customized phase of liability-driven investing, he said. While earlier stages focused on adding duration and raising fixed-income allocations, better-funded plans are now tinkering at the margins to more precisely match their holdings with their obligations.

Pacific Investment Management Co. bought all $400 million of bonds issued Monday by a Blue Owl Capital Inc. private credit fund, according to people with knowledge of the matter.

Goldman Sachs Group Inc. has boosted its investment-grade bond sale forecasts for the US and Europe after a strong start to the year for issuance and on expectations of a stronger economic outlook.