Bond Traders Bite at Microsoft-Tied Data Center Junk-Like Yields

Markets Contact us:Provide news feedback or report an error Confidential tip?Send a tip to our reporters Site feedback:Take our Survey By Brian W Smith and Davide Barbuscia August 18, 2026 at 2:06 PM UTC Updated on August 18, 2026 at 6:39 PM UTC Blackstone Inc. -backed QTS Realty Trust Inc. offered junk-like yields on a $3.9 billion high-grade bond to fund the construction of a Microsoft Corp. -linked data center in Georgia. It looks to have worked as the deal racked up demand of about six times that amount. Investors placed as much as $23 billion of peak orders for the five-year notes , according to people with knowledge of the matter. That represents a higher multiple than the average 3.8 times subscription levels this year for blue-chip bonds, Bloomberg-compiled data show.