Microsoft Prices $27.0B Ten-Tranche Debt Offering, 2028-2066 Maturities
MSFT sits 51% above its 52-week low of $349.2.
Summary
Microsoft priced $27.0 billion of senior notes across ten tranches maturing 2028 through 2066, with coupons from 4.850% to 6.350%. The debt funds its capex program without diluting shareholders, at the cost of a larger, long-dated interest obligation.
Key Events · Financing and Capital Events · MSFT
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Ten-Tranche $27.0B Debt Offering Priced
Microsoft priced $27.0 billion of senior unsecured notes across ten tranches: $2.0B 2028 fixed, $1.0B 2028 floating, $3.25B 2029 fixed, $1.0B 2029 floating, $3.25B 2031, $2.5B 2033, $4.0B 2036, $2.0B 2046, $4.0B 2056 and $2.0B 2066.
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Coupons Range 4.850% to 6.350%
Fixed coupons step from 4.850% on the 2028s to 6.350% on the 2066s, with spreads of 25bp to 105bp over the matching Treasuries. The floating tranches pay Compounded SOFR plus 35bp (2028) and 53bp (2029).
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Settlement Set for November 4, 2026
Trade date was October 29, 2026, with settlement on a T+4 basis on November 4, 2026. The notes are SEC-registered under Registration Statement No. 333-283760 and will not be listed on an exchange.
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Top Ratings, Bulge-Bracket Syndicate
The notes carry Moody's Aaa and S&P AAA ratings, both stable outlook. J.P. Morgan and UBS are joint book-running managers alongside Wells Fargo, Barclays, BNP Paribas, BofA, Citi, Goldman Sachs, HSBC, Morgan Stanley and RBC.
Analysis · MSFT · Technology
The AI infrastructure buildout gets funded without touching the share count: Microsoft is borrowing $27.0 billion in a single stroke across ten maturities, from two-year floaters to 40-year bonds. At the long end, the 2066s price at 6.350% and the 2056s at 6.250%, roughly 95-105 basis points over Treasuries, while the short fixed tranches land near 4.85-5.00%. For a Aaa/AAA issuer this is cheap, committed, long-dated money. The trade-off is a permanently higher interest burden: at these coupons the annual cash cost runs into the billions, and the 2056/2066 tranches lock in today's elevated long rates for decades. No equity dilution, but the balance sheet becomes more leveraged and less flexible if rates fall sharply later.
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At the time of this filing, MSFT was trading at $527.99 on NASDAQ in the Technology sector, with a market capitalization of approximately $3.9T. The 52-week trading range was $349.20 to $551.15. This filing was assessed with neutral market sentiment and an importance score of 7 out of 10.