Global Tech Giants (USD IG)
USD, A-/A3+ technology bonds from Apple, Microsoft, Oracle and Meta.
The Global Tech Giants theme targets USD investmentgrade technology bonds from largecap issuers. The current screen returns ten Microsoft bonds across maturities from 2045 to 2066, so the theme is presently concentrated in one name. Yields are attractive for highquality credit: the 6.35% MSFT bond maturing November 2066, priced at 100.71, offers a 6.301% yieldtoworst, while the 2.675% June 2060, priced at 50.37, yields 6.211%. Relative value is tight across the list, with yieldstoworst ranging from roughly 6.07% to 6.30%. The 4.45% November 2045 bond, priced at 81.85 and yielding 6.074%, offers a shorterdated option at a similar yield to the longest maturities, so investors can pick duration without giving up much yield.
| # | Issuer | ISIN | Coupon | YTW | Price | Maturity | Next Call | Rating | CUR | AMT OUT |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Microsoft Corp. | …DG69 | 6.35 | 6.301 | 100.7072728 | 2066-11-03 | 2066-05-03 | AAA | USD | 2BN |
| 2 | Microsoft Corp. | …CD48 | 2.675 | 6.211 | 50.3686722 | 2060-06-01 | 2059-12-01 | AAA | USD | 3.75BN |
| 3 | Microsoft Corp. | …CF95 | 3.041 | 6.205 | 54.8768275 | 2062-03-17 | 2061-09-17 | AAA | USD | 1.93BN |
| 4 | Microsoft Corp. | …DF86 | 6.25 | 6.198 | 100.7056592 | 2056-11-03 | 2056-05-03 | AAA | USD | 4BN |
| 5 | Microsoft Corp. | …CC64 | 2.525 | 6.133 | 55.3303931 | 2050-06-01 | 2049-12-01 | AAA | USD | 6.25BN |
| 6 | Microsoft Corp. | …CE21 | 2.921 | 6.116 | 59.0848209 | 2052-03-17 | 2051-09-17 | AAA | USD | 6.25BN |
| 7 | Microsoft Corp. | …DE12 | 6.15 | 6.102 | 100.543619 | 2046-11-03 | 2046-05-03 | AAA | USD | 2BN |
| 8 | Microsoft Corp. | …BM55 | 4.75 | 6.098 | 81.7644532 | 2055-11-03 | 2055-05-03 | AAA | USD | 295MM |
| 9 | Microsoft Corp. | …CW29 | 2.5 | 6.093 | 55.1124167 | 2050-09-15 | 2050-03-15 | AAA | USD | 1.43BN |
| 10 | Microsoft Corp. | …BL72 | 4.45 | 6.074 | 81.8485232 | 2045-11-03 | 2045-05-03 | AAA | USD | 996MM |
Results are limited to USD bonds with an amount outstanding of at least USD 200MM.