Deals of the Month: Microsoft

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

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