Global Tech Giants (USD IG)
USD, A-/A3+ technology bonds from Apple, Microsoft, Oracle and Meta.
Global tech giants offer USD investmentgrade exposure backed by some of the strongest balance sheets in corporate credit. Ten bonds screen into this theme, led by Microsoft and Apple, combining scale, strong cash generation and high ratings. Microsoft's AAArated longdated bonds stand out, with the 4.75% 2055 yielding 6.316% to worst and the 6.35% 2066 at 6.213%. The 6.15% 2046 at 6.034% and 6.25% 2056 at 6.099% add breadth across maturities. Apple's AA+ 4.1% 2062 yields 6.027%, close to the AAA Microsoft paper, so the step down in rating costs little in yield. Across the list, yields cluster between roughly 6.0% and 6.3%, which points to a tight relativevalue range worth monitoring.
| # | Issuer | ISIN | Coupon | YTW | Price | Maturity | Next Call | Rating | CUR | AMT OUT |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Microsoft Corp. | …BM55 | 4.75 | 6.316 | 79.295 | 2055-11-03 | 2055-05-03 | AAA | USD | 295MM |
| 2 | Microsoft Corp. | …DG69 | 6.35 | 6.213 | 102.0088182 | 2066-11-03 | 2066-05-03 | AAA | USD | 2BN |
| 3 | Microsoft Corp. | …CD48 | 2.675 | 6.116 | 51.1865005 | 2060-06-01 | 2059-12-01 | AAA | USD | 3.75BN |
| 4 | Microsoft Corp. | …BU71 | 3.95 | 6.112 | 70.5195 | 2056-08-08 | 2056-02-08 | AAA | USD | 433MM |
| 5 | Microsoft Corp. | …CF95 | 3.041 | 6.104 | 55.8055 | 2062-03-17 | 2061-09-17 | AAA | USD | 1.93BN |
| 6 | Microsoft Corp. | …DF86 | 6.25 | 6.099 | 102.0473751 | 2056-11-03 | 2056-05-03 | AAA | USD | 4BN |
| 7 | Microsoft Corp. | …CW29 | 2.5 | 6.043 | 55.544375 | 2050-09-15 | 2050-03-15 | AAA | USD | 1.43BN |
| 8 | Microsoft Corp. | …CC64 | 2.525 | 6.037 | 56.1484926 | 2050-06-01 | 2049-12-01 | AAA | USD | 6.25BN |
| 9 | Microsoft Corp. | …DE12 | 6.15 | 6.034 | 101.3156364 | 2046-11-03 | 2046-05-03 | AAA | USD | 2BN |
| 10 | Apple Inc. | …ER75 | 4.1 | 6.027 | 71.8474 | 2062-08-08 | 2062-02-08 | AA+ | USD | 1.25BN |
Results are limited to USD bonds with an amount outstanding of at least USD 200MM.