Microsoft issued $25 billion in bonds. It is the company’s first dollar-denominated issue since 2017, when it raised $17 billion. Microsoft is rated AAA by both Moody’s and S&P.
Total orders peaked at $115 billion, 4.6 times the size of the deal.
The books built well. The 40-year tranche tightened by as much as 30bp from initial talk to a spread of 105bp over Treasuries.
It is the latest in a series of very large AI-related deals. Meta sold $30 billion in October 2025. It returned with $25 billion in May. In February, Oracle sold $25 billion and Alphabet sold $20 billion. Alphabet issued another $25 billion in August. Amazon issued $37 billion.
