Global Tech Giants (USD IG)
USD, A-/A3+ technology bonds from Apple, Microsoft, Oracle and Meta.
The Global Tech Giants theme screens USD investmentgrade bonds from Apple, Microsoft, Oracle and Meta. Nine of the ten topranked lines are Microsoft paper, and the tenth is Apple's 2.85% 2061. Yields cluster tightly between 6.20% and 6.37% YTW across the list, giving longdated exposure to highquality issuers. Microsoft's 6.35% 2066 yields 6.365% near par, while Microsoft's 2.5% 2050 yields 6.212% at 54.15. Credit quality is a key draw: the Microsoft lines are rated AAA and Apple's 2061 bond is rated AA+. Discountpriced issues such as Microsoft's 3.041% 2062 (6.27% YTW) and Apple's 2.85% 2061 (6.205% YTW) offer relative value through their coupontoyield gap.
| # | Issuer | ISIN | Coupon | YTW | Price | Maturity | Next Call | Rating | CUR | AMT OUT |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Microsoft Corp. | …DG69 | 6.35 | 6.365 | 99.7793619 | 2066-11-03 | 2066-05-03 | AAA | USD | 2BN |
| 2 | Microsoft Corp. | …DF86 | 6.25 | 6.294 | 99.4050074 | 2056-11-03 | 2056-05-03 | AAA | USD | 4BN |
| 3 | Microsoft Corp. | …CF95 | 3.041 | 6.27 | 54.3014167 | 2062-03-17 | 2061-09-17 | AAA | USD | 1.93BN |
| 4 | Microsoft Corp. | …BU71 | 3.95 | 6.252 | 69.0704744 | 2056-08-08 | 2056-02-08 | AAA | USD | 433MM |
| 5 | Microsoft Corp. | …CD48 | 2.675 | 6.23 | 50.2174167 | 2060-06-01 | 2059-12-01 | AAA | USD | 3.75BN |
| 6 | Microsoft Corp. | …BE30 | 4 | 6.224 | 70.5886988 | 2055-02-12 | 2054-08-12 | AAA | USD | 540MM |
| 7 | Microsoft Corp. | …DE12 | 6.15 | 6.213 | 99.2854355 | 2046-11-03 | 2046-05-03 | AAA | USD | 2BN |
| 8 | Microsoft Corp. | …CW29 | 2.5 | 6.212 | 54.1504 | 2050-09-15 | 2050-03-15 | AAA | USD | 1.43BN |
| 9 | Apple Inc. | …EL06 | 2.85 | 6.205 | 52.405875 | 2061-08-05 | 2061-02-05 | AA+ | USD | 1.4BN |
| 10 | Microsoft Corp. | …CU62 | 4.5 | 6.203 | 80.3507143 | 2047-06-15 | 2046-12-15 | AAA | USD | 392MM |
Results are limited to USD bonds with an amount outstanding of at least USD 200MM.