Microsoft priced a $25 billion senior unsecured bond offering on October 29, 2026, split across ten tranches, marking its first major US dollar-denominated debt sale since January 2017. Bidding orders reportedly reached $115 billion, approximately 4.6 times the amount offered. Eight tranches are fixed-rate notes worth $23 billion, with coupons ranging from 4.85% to 6.35%, while two floating-rate notes worth $1 billion each mature in 2028 and 2029. Net proceeds will help fund general corporate purposes, including AI infrastructure spending, as hyperscalers have issued $182 billion in senior notes in 2026.
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