China’s high-yield dollar bonds are heading for their worst week in more than a year as signs of liquidity strains at state-owned conglomerate Zhuhai Huafa Group Co. sapped sentiment.

Some high-grade borrowers are riding out the turmoil in credit markets, with an affiliate of Samsung Group selling a record $1.5 billion bond on strong demand, even as some issuers have postponed plans.

Global credit markets are flashing the biggest risk-off signals in more than a year, as investor concerns about technology companies’ artificial intelligence borrowing and rising oil prices are mounting.

The global bond rout is giving fixed-income investors a rare chance to lock in Asian junk bond-like payouts without the credit risk of such debt, according to KKR & Co.

Investors are clamoring for the kind of debt companies are reluctant to sell now: longer-term bonds.

Companies are ramping up borrowing in bond markets again after raising more than $70 billion Tuesday in the busiest global session since June, as borrowers seek to lock in funding before costs climb any higher.

Australia’s bond market is drawing increased interest from overseas borrowers. That includes Google’s parent Alphabet Inc., which issued debt in the country for the first time in August to help fund its AI spending. The technology giant raised A$5.5 billion ($3.9 billion) by selling so-called Kangaroo bonds.

Alphabet Inc. paid just under 7% to borrow longer-dated funds in its debut Australian dollar bond offering, its highest-ever for a note, underscoring how broader demands for cash among hyperscalers around the world are feeding into more costly funding almost everywhere.

Alphabet Inc. started marketing its debut Australian debt, offering investors a pickup over what they’d get on its US dollar notes, as the tech giant embarks on another multi-billion dollar fundraising amid skyrocketing AI spending.

Alphabet Inc. is looking to raise about A$5 billion ($3.6 billion) in what would be its debut bond offering in Australia, people familiar with the matter said, as US tech firms binge on debt to fuel AI spending.

A state-owned power producer in Laos sold $300 million of triple C notes on Monday, a rare such transaction in the Asian dollar bond market.

Australia’s bond market is drawing increasing interest from funding chiefs worldwide, pushing issuance to a record high, as a flood of Asian capital cap borrowing costs and compete for deals.

Mizuho Financial Group Inc. and Sumitomo Mitsui Financial Group Inc. have propelled foreign-currency bond sales by Japanese companies to a record for any quarter as the nation’s companies tap deeper overseas markets to finance growth.

Nomura Holdings Inc. and Sony Group Corp. pushed bond sales by Japanese firms in global markets to more than $8 billion in the first two days of the week, in what is already one of the busiest periods for such deals this year, with more issuance likely.

Indonesian sovereign wealth fund Danantara raised $1.5 billion in a successful debut global dollar bond sale, offering relief to President Prabowo Subianto’s government as it seeks to regain investor confidence following a selloff in the nation’s assets.

Fears of a stagflation shock from the Middle East conflict are increasingly souring investor sentiment toward the weakest global corporate borrowers, many of which binged on cheap debt during the era of ultra-low interest rates.

Indonesia sold $3.45 billion of bonds in dollars and euros Tuesday, as the Iran conflict stokes concerns about the nation’s economic vulnerability.

Yield premiums on emerging-market Asian investment-grade dollar bonds have tightened to unprecedented levels amid reduced new issuance and China’s economic resilience despite Iran-war disruptions.

Japanese borrowers are selling record amounts of euro-denominated bonds in one of the most prominent examples of global companies scaling back their reliance on the dollar.

China’s $51 trillion savings glut has fueled demand for its debt, entrenching its role as a haven as the Iran war drives global volatility.