On May 11, technology giant Microsoft priced its first ever bond issue. The triple-A credit sold $3.75bn of five-year, 10-year and 30-year bonds at spreads of around 100bp to Treasuries.
Not only was the transaction a debut for the borrower, it was the first triple-A debut that anyone in the dollar high grade market could recall. And it gave the market exactly what it wanted at the time: in an environment still dominated by defensiveness and caution, it provided a unique opportunity to buy corpo
The week on Risk.net, July 7-13, 2018Receive this by email