By John Atkins
Publication Date: 2026-10-30 15:15:00
Triple-A rated Microsoft on Oct. 29 priced $25 billion of senior notes in 10 parts, hard on the heels of its message to investors that this year’s torrid capital spending pace (including more than $50 billion in the latest quarter and projections for roughly $170 billion for the fiscal year) would only accelerate next year.
Early trades on Oct. 30 were wider, after sentiment-rattling updates from Amazon and Intel. That’s against low funding spreads for the gilt-edged issuer, however. The new 5.20% five-year issue (priced at T+45), 5.55% 10-year issue (priced at T+65), and 6.25% 30-year issue (priced at T+95) each traded 2-3 bps wide of pricing.
With Microsoft, the average deal size this year held at $2.1 billion, a record. Of the 21 largest deals ever printed ($25 billion-$49 billion), 10 were placed this year. That includes a swath of $25 billion prints (for Microsoft, Amazon, Alphabet, Meta Platforms, Oracle, SpaceX, Nvidia, and Salesforce)….
