Microsoft has completed pricing of a $25 billion, 10-tranche U.S. dollar bond offering, its first dollar-denominated issuance since 2017. The deal includes two tranches of floating-rate notes totaling $2 billion maturing in 2028 and 2029, alongside eight fixed-rate tranches worth $23 billion with maturities extending through 2066. Fixed-rate coupons range from 4.85% to 6.35%, with spreads between 25 and 105 basis points over comparable U.S. Treasuries. The notes are rated Aaa by Moody's and AAA by S&P, reflecting Microsoft's top-tier credit profile. Settlement is scheduled for November 4.