Microsoft Prices $25B Bond Sale in 10 Tranches, Longest Maturing in 2066

A $25 billion ten-tranche deal spanning maturities out to 2066 is a benchmark-sized financing that says more about the issuer's cost of capital than about any single project. The tight 25-105bp spreads and triple-A ratings underscore how the deepest credit names can still pull size at fine margins, while the 2028 floating-rate tranches point to some appetite for rate flexibility. The first dollar sale since 2017 makes the reception a useful read on broader investment-grade demand, and whether other large issuers follow with comparable size is the open question.