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QTS Project Odyssey bonds
Bonds from two QTS subsidiaries for Microsoft-linked capacity. Expected to be investment grade, marketed at a yield comparable to single-B junk bonds.
- Size
- $3.9B · Could reach $3.9B, per the report the day before launch.
- Date
- Type
- Data center bond
- Status
- Reported
Who does what
- Citigroupheld investor calls
- Goldman Sachsheld investor calls
- JPMorganheld investor calls
- Morgan Stanleyheld investor calls
- Blackstonebacks QTS
- QTSborrows through two special-purpose subsidiaries
- Microsoftthe capacity is reported as Microsoft-linked
What we don’t know
- The final size
- The rating
- Microsoft's lease terms
Sources
- Microsoft-linked Project Odyssey bond sale may grow to $3.9 billion Crypto Briefing, citing Bloomberg · Aug 17, 2026
We opened each of these on Oct 30, 2026.
See it on the debt map. Not financial advice.