Global Tech Giants (USD IG)
USD, A-/A3+ technology bonds from Apple, Microsoft, Oracle and Meta.
The USD Investment Grade tech sector offers an exceptional convergence of pristine balance sheets and attractive longterm yields, anchored by category leaders Microsoft and Apple. With AAA and AA+ ratings, these megacap issuers provide portfolio managers with toptier credit security amidst broader macroeconomic volatility. Current market pricing presents compelling relative value at the long end of the curve, highlighted by Microsoft's recent highcoupon issuance yielding over 6.3% on the 2066 maturity (6.388% YTW). Even ultralong paper from Apple, such as the 4.1% 2062 bond, delivers a robust 6.098% YTW, offering strong duration extension for institutional mandates. Discounted lowcoupon legacy issues further enhance the total return profile within this screen, where Microsoft's 2.675% 2060 security trades at a deep cash price of 51.02 while yielding 6.134% YTW. This segment effectively combines defensive credit characteristics with favorable convexity, making these liquid USD instruments primary targets for durationmatching fixedincome strategies.
| # | Issuer | ISIN | Coupon | YTW | Price | Maturity | Next Call | Rating | CUR | AMT OUT |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Microsoft Corp. | …DG69 | 6.35 | 6.388 | 99.4561112 | 2066-11-03 | 2066-05-03 | AAA | USD | 2BN |
| 2 | Microsoft Corp. | …DF86 | 6.25 | 6.281 | 99.581 | 2056-11-03 | 2056-05-03 | AAA | USD | 4BN |
| 3 | Microsoft Corp. | …DE12 | 6.15 | 6.181 | 99.6436111 | 2046-11-03 | 2046-05-03 | AAA | USD | 2BN |
| 4 | Microsoft Corp. | …CF95 | 3.041 | 6.159 | 55.2951667 | 2062-03-17 | 2061-09-17 | AAA | USD | 1.93BN |
| 5 | Microsoft Corp. | …CD48 | 2.675 | 6.134 | 51.019 | 2060-06-01 | 2059-12-01 | AAA | USD | 3.75BN |
| 6 | Apple Inc. | …ER75 | 4.1 | 6.098 | 71.0536967 | 2062-08-08 | 2062-02-08 | AA+ | USD | 1.25BN |
| 7 | Microsoft Corp. | …CC64 | 2.525 | 6.089 | 55.6963334 | 2050-06-01 | 2049-12-01 | AAA | USD | 6.25BN |
| 8 | Microsoft Corp. | …CW29 | 2.5 | 6.077 | 55.2450756 | 2050-09-15 | 2050-03-15 | AAA | USD | 1.43BN |
| 9 | Apple Inc. | …EL06 | 2.85 | 6.071 | 53.5742371 | 2061-08-05 | 2061-02-05 | AA+ | USD | 1.4BN |
| 10 | Microsoft Corp. | …CE21 | 2.921 | 6.064 | 59.5501667 | 2052-03-17 | 2051-09-17 | AAA | USD | 6.25BN |
Results are limited to USD bonds with an amount outstanding of at least USD 200MM.