Microsoft (MSFT) issued US$ 25 billion in bonds (debt securities) split into ten series, according to an underwriting agreement signed on October 29, 2026 with banks led by J.P. Morgan Securities, UBS Securities and Wells Fargo Securities. There are two floating-rate series of US$ 1 billion each, maturing in 2028 and 2029, and eight fixed-rate series totaling US$ 23 billion.
The fixed-rate series are: US$ 2 billion at 4.850% maturing in 2028; US$ 3.25 billion at 5.000% in 2029; US$ 3.25 billion at 5.200% in 2031; US$ 2.5 billion at 5.350% in 2033; US$ 4 billion at 5.550% in 2036; US$ 2 billion at 6.150% in 2046; US$ 4 billion at 6.250% in 2056; and US$ 2 billion at 6.350% in 2066. All mature on November 3 of the respective year.
Interest on the floating-rate bonds will be paid quarterly, on February 3, May 3, August 3 and November 3, starting on February 3, 2027. On the fixed-rate bonds, payment is semiannual, on May 3 and November 3, starting on May 3, 2027. The floating-rate bonds cannot be redeemed early at the company's option, while the fixed-rate bonds can be, under certain circumstances.
The notes are unsecured obligations and rank equally with Microsoft's other unsecured and unsubordinated debt. The document does not state the use of proceeds.
