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Investors demand steep concessions in Salesforce’s $25bn bond deal

Financial Times
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⚡ Quantum Brief
A $25 billion corporate bond deal faced investor pushback in March 2026, forcing the issuer to offer higher yields and stricter terms to secure funding amid rising market volatility. The tech giant, known for cloud software, had to increase interest rates by 50-75 basis points above initial guidance to attract buyers, signaling waning confidence in high-growth debt. Investors demanded shorter maturities and stronger covenants, reflecting concerns over economic uncertainty and the company’s aggressive expansion strategy, including recent AI and quantum computing acquisitions. The concession-heavy deal underscores tightening credit conditions, as bond buyers prioritize risk mitigation over growth bets, even for blue-chip firms with strong revenue streams. Analysts warn this could set a precedent for future corporate debt issuances, particularly in tech, where capital-intensive projects like quantum infrastructure face heightened scrutiny.
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