Global Tech Giants (USD IG)
USD, A-/A3+ technology bonds from Apple, Microsoft, Oracle and Meta.
The current USD investmentgrade technology screen highlights an exceptional pocket of deepdiscount, ultralong duration paper from toptier corporate issuers anchored by Microsoft and Apple. With yieldstoworst hovering tightly in the 6.02% to 6.14% range, these premier credits offer institutional portfolios a compelling lockin of longterm income amid shifting macroeconomic currents. Microsoft completely dominates the upper tier of our quantitative screen, led by the MSFT 4.75% maturing in November 2055 offering a peak YTW of 6.136% at an attractive cash price of 81.32. Across its broader ultralong stack—exemplified by the lowercoupon 2060 and 2062 maturities yielding around 6.11%—investors gain asymmetric total return potential coupled with pristine AAAequivalent balance sheet strength. Apple complements the tech heavyweights at the longer end of the curve through its AAPL 2.85% 2061 maturity, delivering a 6.024% YTW at a heavily discounted cash price near 54.00. This deepdiscount profile provides sophisticated fixedincome allocators with substantial convexity and price appreciation upside, backed by unmatched operational cash flow and a fortress AA+ credit rating.
| # | Issuer | ISIN | Coupon | YTW | Price | Maturity | Next Call | Rating | CUR | AMT OUT |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Microsoft Corp. | …BM55 | 4.75 | 6.136 | 81.32 | 2055-11-03 | 2055-05-03 | AAA | USD | 295MM |
| 2 | Microsoft Corp. | …CD48 | 2.675 | 6.119 | 51.1403333 | 2060-06-01 | 2059-12-01 | AAA | USD | 3.75BN |
| 3 | Microsoft Corp. | …CF95 | 3.041 | 6.109 | 55.7443333 | 2062-03-17 | 2061-09-17 | AAA | USD | 1.93BN |
| 4 | Microsoft Corp. | …CC64 | 2.525 | 6.095 | 55.6201667 | 2050-06-01 | 2049-12-01 | AAA | USD | 6.25BN |
| 5 | Microsoft Corp. | …CW29 | 2.5 | 6.087 | 55.1354001 | 2050-09-15 | 2050-03-15 | AAA | USD | 1.43BN |
| 6 | Microsoft Corp. | …CE21 | 2.921 | 6.083 | 59.3553334 | 2052-03-17 | 2051-09-17 | AAA | USD | 6.25BN |
| 7 | Microsoft Corp. | …BE30 | 4 | 6.074 | 72.1273334 | 2055-02-12 | 2054-08-12 | AAA | USD | 540MM |
| 8 | Microsoft Corp. | …BU71 | 3.95 | 6.066 | 70.9868334 | 2056-08-08 | 2056-02-08 | AAA | USD | 433MM |
| 9 | Microsoft Corp. | …CB81 | 4.5 | 6.024 | 78.8903334 | 2057-02-06 | 2056-08-06 | AAA | USD | 755MM |
| 10 | Apple Inc. | …EL06 | 2.85 | 6.024 | 53.9915834 | 2061-08-05 | 2061-02-05 | AA+ | USD | 1.4BN |
Results are limited to USD bonds with an amount outstanding of at least USD 200MM.