Microsoft borrows $25 billion, its first big US bond sale since 2017, and orders reach $115 billion

Microsoft sold $25 billion of bonds on Thursday in up to ten parts running from 2 to 40 years, and peak orders reached about $115 billion, people familiar with the deal told Bloomberg. The 40-year bond priced at 1.05 percentage points over , as much as 0.3 points tighter than first ; Alphabet's lower-rated 40-year trades near 1.33. Proceeds go to general purposes including capital spending.

Hyperscalers and data-center developers have sold more than $313 billion of bonds this year, nearly three times all of 2025. The market is now pricing them very differently. Credit-default swaps, the cost of insuring each company's debt, put Microsoft at about 54 , Meta at 116 and Oracle at 275. SourcesB C

Five-year credit-default swap spreads

ICE data as reported by Bloomberg, October 29th 2026. A higher spread means the market charges more to insure against default.

Sources

BMicrosoft $25 Billion Blowout Bond Puts It in AI Winners' Circle (Bloomberg)bloomberg.com
CMicrosoft $25B bond sale draws $115B order book (briefs.co)briefs.co

This story ran in the Morning Brief of October 30th 2026.

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