US Investment-Grade Spreads Hit 30-Year Lows as a $400 Billion AI Bond Wave Arrives. Vanguard Says Investors Are Full. Here Is What the Smart Money Was Already Doing — and Five Trades That Follow.

Oracle just raised $25 billion with a record $129 billion order book — and still had to pay 40–58 basis points extra versus its last deal. Alphabet raised $32 billion across three currencies in under 24 hours, including the largest corporate bond sale in sterling market history. Meanwhile, US investment-grade spreads sit at their tightest level since 19…