Bloomberg: Microsoft is returning to the US bond market for the first time since its $17B sale in 2017, seeking at least $25B across up to 10 tranches.

Its 40-year note is priced near Alphabet’s and Amazon’s long bonds despite Microsoft’s stronger AAA rating, which suggests the flood of AI debt is lifting borrowing costs for everyone.

Hyperscalers and data center developers have sold more than $313B of investment-grade bonds this year, almost 3 times 2025’s total, pushing global bond sales to a record $6.61T.