Microsoft's large-scale bond issuance of 25 billion US dollars is popular among investors, but that doesn't mean that the next big tech company can get the same treatment when it issues bonds. According to people familiar with the matter, Microsoft's peak subscription order for this deal reached 115 billion US dollars, which is equivalent to 4.6 times the distribution scale. According to Bloomberg's aggregated data, this made it one of the most popular subscription transactions in the history of US corporate bonds. The term of each batch of bonds issued by Microsoft this time ranges from 2 to 40 years. Brett Kozlowski, portfolio manager at GW&K Investment Management, said: “The timing of this deal feels quite opportunistic.” He said strong demand was to be expected given “scarce long-term AAA bonds” and yields of over 6%. “This combination is likely to highlight that even if massive supply poses challenges, there is still a need for distributed allocation of different issuers in the market.”

Microsoft's large-scale bond issuance of 25 billion US dollars is popular among investors, but that doesn't mean that the next big tech company can get the same treatment when it issues bonds. According to people familiar with the matter, Microsoft's peak subscription order for this deal reached 115 billion US dollars, which is equivalent to 4.6 times the distribution scale. According to Bloomberg's aggregated data, this made it one of the most popular subscription transactions in the history of US corporate bonds. The term of each batch of bonds issued by Microsoft this time ranges from 2 to 40 years. Brett Kozlowski, portfolio manager at GW&K Investment Management, said: “The timing of this deal feels quite opportunistic.” He said strong demand was to be expected given “scarce long-term AAA bonds” and yields of over 6%. “This combination is likely to highlight that even if massive supply poses challenges, there is still a need for distributed allocation of different issuers in the market.”