Bloomberg (reported via Reuters, FA-Mag, Benzinga, Business Recorder) · 2026-10-29
Microsoft Eyes At Least $25 Billion US Bond Sale — First Domestic High-Grade Deal Since 2017
Microsoft (AAA/AAA at S&P/Moody's) is returning to the US investment-grade bond market for the first time in over nine years, pricing up to 10 tranches from 2-year to 40-year maturities to fund AI data-center capex that hit $45.2bn in a single quarter. The 40-year tranche is guided at T+135bp — a meaningful concession for a top-rated issuer — and the deal is an immediate litmus test for investor appetite after AI-capex bond supply has already topped $350bn in 2026 from the five major hyperscalers combined.
Goldman Sachs Research / Blockspace / Yahoo Finance · 2026-10-29
Goldman Sachs Quantifies CoreWeave's Incremental Debt Need at $19.5bn–$38bn; Projects Total Debt Could Hit $100bn by 2028
In a note published October 29, Goldman Sachs maintained its Buy/$106 target on CoreWeave (CRWV) and sized the company's incremental financing need at $19.5bn–$38bn to serve its $129bn backlog and 4.2 GW of committed power. The bank also projects CoreWeave's total debt and lease load could approach $100bn by 2028 — double today's ~$52bn — placing the funding question at the center of AI-credit risk. This comes as CoreWeave's 9.75% 2031 bonds still yield ~16% and its 5-year CDS spread remains above 1,000bp, the threshold widely used to define credit distress.
S&P Global Ratings (reported via Cryptonomist / Bloomberg context in search results) · 2026-10-29
S&P Cuts Oracle Credit Rating to Near-Junk as $43bn FY2026 Debt Issuance and $95bn FY2027 Capex Forecast Stress Balance Sheet
Concurrent with the Microsoft bond pricing, market commentary dated October 29 confirmed that S&P cut Oracle's credit rating to just one notch above junk status following the company's $43bn in FY2026 debt issuance and guidance of up to $95bn in FY2027 capex. Oracle already carries $169bn in total debt at a 71.6% debt-to-assets ratio — the highest leverage among all hyperscalers — and its 6.85% 2066 bond now yields 8.45%, the widest spread in the AI-capex bond universe. The downgrade tightens Oracle's access to investment-grade benchmarks and raises financing costs for its 1-gigawatt Stargate/OpenAI data-center program.