Global Tech Giants (USD IG)
USD, A-/A3+ technology bonds from Apple, Microsoft, Oracle and Meta.
The USD Investment Grade technology universe is presenting a rare window for durationfocused institutional portfolios, driven by ultralongmaturity issues trading at deep discounts to par. Pristine balance sheets from megacap issuers like Microsoft and Apple—underpinning toptier AAA and AA+ credit ratings—offer structural resilience against macroeconomic volatility while delivering yields to worst hovering tightly around the 6.14% to 6.22% range. Prominent longend instruments, such as Microsoft’s 2.675% 2060 offering a 6.215% YTW alongside Apple's 4.1% 2062 printing at a 6.159% YTW, provide highconviction core allocations that effectively lock in compelling secular yields at cash prices well into the 50s and 70s.
| # | Issuer | ISIN | Coupon | YTW | Price | Maturity | Next Call | Rating | CUR | AMT OUT |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Microsoft Corp. | …CD48 | 2.675 | 6.215 | 50.3216764 | 2060-06-01 | 2059-12-01 | AAA | USD | 3.75BN |
| 2 | Microsoft Corp. | …CF95 | 3.041 | 6.191 | 54.9954371 | 2062-03-17 | 2061-09-17 | AAA | USD | 1.93BN |
| 3 | Microsoft Corp. | …CC64 | 2.525 | 6.175 | 54.9479376 | 2050-06-01 | 2049-12-01 | AAA | USD | 6.25BN |
| 4 | Microsoft Corp. | …BU71 | 3.95 | 6.168 | 69.914 | 2056-08-08 | 2056-02-08 | AAA | USD | 433MM |
| 5 | Apple Inc. | …ER75 | 4.1 | 6.159 | 70.3785 | 2062-08-08 | 2062-02-08 | AA+ | USD | 1.25BN |
| 6 | Apple Inc. | …EL06 | 2.85 | 6.154 | 52.82875 | 2061-08-05 | 2061-02-05 | AA+ | USD | 1.4BN |
| 7 | Microsoft Corp. | …CW29 | 2.5 | 6.154 | 54.5675 | 2050-09-15 | 2050-03-15 | AAA | USD | 1.43BN |
| 8 | Microsoft Corp. | …CE21 | 2.921 | 6.153 | 58.7312758 | 2052-03-17 | 2051-09-17 | AAA | USD | 6.25BN |
| 9 | Microsoft Corp. | …BE30 | 4 | 6.144 | 71.3903833 | 2055-02-12 | 2054-08-12 | AAA | USD | 540MM |
| 10 | Apple Inc. | …DQ02 | 2.95 | 6.14 | 61.05675 | 2049-09-11 | 2049-03-11 | AA+ | USD | 1.5BN |
Results are limited to USD bonds with an amount outstanding of at least USD 200MM.