Microsoft is conducting its first investment-grade bond issuance since 2017 as
AI-driven investment lifts financing demand. The deal is split into 10 benchmark
tranches with maturities from 2 to 40 years. The longest tranche, due 2066,
carried initial price guidance of up to 135 bps over U.S. Treasures. Wells
Fargo, JP Morgan and UBS are leading the sale. Proceeds are earmarked for
general corporate purposes, including capex. Microsoft’s prior investment-grade
bond offering was in 2017, when it raised $17.0 bln across seven tranches.