Technology
Microsoft prices $25bn of bonds as AI spending outruns internal cash
Microsoft sold $25bn of senior unsecured notes in ten tranches maturing between 2028 and 2066, its first US investment-grade bond sale since 2017, and drew orders reported at more than four times the deal size. Coupons run from 4.85% on the 2028 notes to 6.35% on 2066 paper, and the company said proceeds may fund capital expenditure, working capital or share repurchases. The sale follows a quarter in which the company's cloud growth accelerated while its infrastructure bill kept climbing.