Microsoft priced $25 billion of senior unsecured bonds on October 29, its first U.S. dollar bond sale since 2017, with orders reaching $115 billion, or 4.6 times the deal size. The company held $64.5 billion of cash and short-term investments against $31.1 billion of long-term debt, yet fiscal first-quarter capital spending including finance leases reached $45.2 billion. The stated use of proceeds is general corporate purposes, including capex and share buybacks, and Microsoft now expects about $175 billion of calendar 2026 capex, down from $190 billion in April, mostly due to an accounting change. The 2066 bond priced at 1.05 percentage points over Treasuries, while Microsoft's five-year credit default swaps sit at about 54 basis points, compared with 116 for Meta and 275 for Oracle.
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Related tickers and likely impact
MSFT
• NeutralMicrosoft
Relevance: medium
| Market | US stocks |
|---|---|
| Sector | Information Technology |
| Industry | Systems Software |
| Market cap | $3.9T |
| Close on 10/29/2026 | 530.43 |
| Change that session | -0.11% |
NVDA
▲ Likely positiveNvidia
Relevance: low
| Market | US stocks |
|---|---|
| Sector | Information Technology |
| Industry | Semiconductors |
| Market cap | $5.1T |
| Close on 10/29/2026 | 213.72 |
| Change that session | -0.77% |
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