Oracle priced $10 billion of senior notes in five fixed-rate series on 2 November, according to the final pricing term sheet it filed with the SEC at 22:28 UTC. Coupons run from 7.000% on notes due 2029 to 8.650% on notes due 2046, at 240 to 335 basis points over Treasuries.
By our arithmetic from Oracle’s term sheets, at the four maturity years that appear in both this sale and its February sale, Oracle now pays 145 to 175 basis points more over Treasuries than it did nine months ago. The weighted-average coupon is about 7.77%, or about $777 million a year of interest on the $10 billion. At February’s coupons for the same maturities, the same amounts would cost about $539 million a year, so the new notes cost about $238 million a year more, about 44%. The lever here is Oracle’s own cost of debt.
Update, 3 Nov: Bloomberg on the stock sale. Oracle is near a $10 billion share sale at an 11% discount, Bloomberg reported at 00:16 UTC on 3 November. Oracle’s preliminary prospectus supplement offers $10 billion of common stock and cites a $130.67 last sale price on 30 October, with the offer price and share count left blank. Bloomberg’s headline does not say which price the discount is measured against, and the terms are not final until Oracle files them: when we checked SEC EDGAR at 00:30 UTC, its only free writing prospectus was the pricing term sheet for the notes, and no final prospectus supplement for the stock was on file. Our piece on the stock and bond filings has the preliminary terms.
Update, 3 Nov: the stock is priced. Oracle priced 86,206,897 shares at $116.00 a share on 2 November, alongside $10 billion of notes, according to its pricing release published at 03:09 UTC on 3 November. Both offerings are expected to close on 4 November, and Oracle puts net proceeds at about $9.9 billion from the stock and about $10.0 billion from the notes. By our arithmetic, $116 is 11.2% below the $130.67 close of 30 October, close to the 11% in Bloomberg’s headline, which did not say which price it used, and 2.7% below the $119.22 close of 2 November, according to Nasdaq’s historical prices; the new shares equal 2.85% of the 3,023,726,695 shares outstanding on 31 August. The notes in the release are the same five series covered here. Our piece on the final stock terms has the full numbers.
The key insight: Oracle priced $10 billion of notes on 2 November at 240 to 335 basis points over Treasuries; by our arithmetic, that is 145 to 175 basis points more than in February at the same maturity years, and about $777 million a year of interest, about $238 million more than the same notes at February’s coupons.
The five series are $2 billion of 7.000% notes due November 2029, $1.75 billion of 7.450% notes due 2031, $2.25 billion of 7.850% notes due 2033, $2.5 billion of 8.000% notes due February 2037 and $1.5 billion of 8.650% notes due 2046.
Spreads over the benchmark Treasury are 240, 275, 305, 310 and 335 basis points, in that order. Yields to maturity run from 7.062% on the 2029 notes to 8.667% on the 2046 notes. Each series was sold just below face value, at prices from 99.835% to 99.995% of principal.
The trade date was 2 November and the notes settle on 4 November. Expected ratings are Baa2 (negative) from Moody’s, BBB- (stable) from S&P and BBB (stable) from Fitch. BofA Securities is global coordinator, with 11 further joint book-running managers and nine co-managers.
The preliminary supplement filed that morning also listed floating rate notes due 2029. The final term sheet lists no floating rate notes. By our arithmetic, the five series raise about $9.991 billion at their prices to the public, before underwriting discounts, which the term sheet does not give, and expenses.
Spread over the benchmark Treasury at issue, by maturity, on Oracle’s fixed-rate dollar notes priced on 2 November 2026, 2 February 2026 and 24 September 2025, from Oracle’s pricing term sheets filed with the SEC. Notes maturing after 2046 and February’s floating rate notes are not shown. Changes in spread are our arithmetic. Chart: FourWeekMBA.
How It Compares With February and September
Oracle’s two most recent earlier pricing term sheets for dollar notes on EDGAR are from 24 September 2025, $18 billion in six series, and 2 February 2026, $25 billion in eight series. Four maturity years appear in both February and November: 2029, 2031, 2033 and 2046.
By our arithmetic, the spread over Treasuries widened by 145 basis points on the 2029 notes (95 to 240), 160 on the 2031 notes (115 to 275), 175 on the 2033 notes (130 to 305) and 165 on the 2046 notes (170 to 335). Coupons rose by 245, 250, 250 and 210 basis points.
Most of the rise in yield is Oracle’s own spread, not the Treasury market. On the 2046 notes, the yield is 210.9 basis points higher than in February, and 165 of those, about four-fifths, come from the wider spread; the benchmark Treasury yield rose 45.9 basis points. On the 2029 notes, the spread accounts for 145 of a 246.6 basis point rise, about 59%, by our arithmetic.
In September 2025, Oracle’s 2045 notes priced at 115 basis points over Treasuries. The new 2046 notes priced at 335, about 2.9 times that spread, by our arithmetic. The expected S&P rating in the September and February term sheets was BBB with a negative outlook; the November term sheet gives BBB- with a stable outlook, S&P’s lowest investment-grade rating.
Business Pill · Financial Conditions Explained
Financial conditions explained: how the cost and availability of credit move across markets. It teaches the general idea only and says nothing about any company in this story.
What the New Debt Costs Each Year
Weighted by principal, the five coupons average about 7.77%, and the spread over Treasuries averages 292.5 basis points, by our arithmetic. That is about $777 million a year of interest on $10 billion of notes.
To size the change, we priced the same amounts at February’s coupons for the same maturity years, using February’s 2036 notes for the 2037 series. That gives an average coupon of about 5.39%, or about $539 million a year. The difference is about $238 million a year, about 44% more, by our arithmetic.
The notes filing’s capitalization table shows total debt of $125.3 billion at 31 August. The $10 billion takes that to about $135.3 billion, about 8.0% more, before fees. Across the three term sheets since September 2025, Oracle has priced $53 billion of dollar notes, by our arithmetic.
Against Alphabet and CoreWeave
Two other prices from the same day put Oracle’s yields in a range. Alphabet’s euro term sheet was filed 27 minutes earlier, and its 2045 notes yield 5.286%. Oracle’s 2046 dollar notes yield 8.667%, about 3.4 percentage points more, by our arithmetic; the two are in different currencies against different benchmarks, and we did not convert one into the other.
CoreWeave’s four dollar senior notes traded at yields from 14.93% to 15.83% on 2 November, according to FINRA data. Those are secondary-market yields on notes already outstanding, not new-issue prices.
Connecting the Coverage
Oracle filed for the notes and for $10 billion of common stock the same morning, as we reported when it filed. Bloomberg reported initial price talk on the longest series of about 3.6 percentage points over Treasuries, as quoted by ZeroHedge. By our arithmetic, the final 335 basis points on the 2046 notes is about 25 basis points tighter.
When we checked Oracle’s SEC filings at 22:40 UTC, there was no pricing term sheet or final prospectus supplement for the stock offering, so the price per share and the number of shares are not yet on file. Newsquawk reported at 19:04 UTC, without naming the source of the report, that Oracle saw more than $10 billion of demand for the stock.
As we read the three term sheets, the change since February is mostly Oracle’s own spread: at the four matching maturity years, the wider spread accounts for about 59% to 78% of the rise in yield, by our arithmetic.
As we read the November term sheet, the long end carries the highest price: the 2046 notes pay 335 basis points over Treasuries, about 2.9 times the 115 basis points on the 2045 notes Oracle sold in September 2025.
Oracle preliminary prospectus supplement for the notes (424B2), 2 November 2026
“will be used for general corporate purposes, which may include capital expenditures, repayment of indebtedness, future investments or acquisitions and payment of cash dividends on or repurchases of our common stock”
Three Implications
FOR BONDHOLDERS The 2046 notes yield 8.667% at a price of 99.840%, against 6.558% on the 2046 notes Oracle sold in February, according to the two term sheets.
FOR ORACLE By our arithmetic, the $10 billion takes total debt from $125.3 billion at 31 August to about $135.3 billion, before fees, and adds about $777 million a year of interest.
FOR SHAREHOLDERS The $10 billion common stock offering filed the same morning had no pricing term sheet or final prospectus supplement on file when we checked SEC filings at 22:40 UTC.
The framework argues: “It is a sovereign-scale financing problem dressed in tech-company clothing”.
As we read it, the spread Oracle pays over Treasuries is one measurable price of that financing. The framework is the owner’s argument and does not discuss Oracle’s 2 November notes.
The term sheet does not give the size of the order book, who bought the notes or the underwriting discounts. Comparing spreads across nine months mixes Oracle-specific pricing with wider moves in corporate credit, and the term sheets do not separate the two. The February comparison for the 2037 series uses notes due 2036. We did not contact Oracle.
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Oracle priced $10 billion of notes on 2 November at coupons from 7.000% to 8.650%, according to its term sheet. By our arithmetic, it pays 145 to 175 basis points more over Treasuries than in February at the same maturity years, and about $777 million a year in interest, about $238 million more than the same notes at February’s coupons.
A note on sourcing. Series sizes, coupons, prices, spreads, yields and ratings are from Oracle’s final pricing term sheet filed with the SEC on 2 November 2026 and its dollar-note pricing term sheets of 2 February 2026 and 24 September 2025; the floating rate notes and total debt are from its 2 November preliminary prospectus supplement. Alphabet, CoreWeave, Meta, Apple, share-price, initial-price-talk and demand figures are from our earlier pieces linked above, which cite Alphabet’s term sheet, FINRA data, Bloomberg, Newsquawk and the companies’ filings. Differences, averages, sums and the February-coupon comparison are our arithmetic. We did not contact Oracle.
Gennaro Cuofano is a CRO and tech executive who has worked in AI since late 2015, starting with bringing NLP, natural-language generation, voice and chatbot products to the marketing industry. His background is in law and finance: he holds a Master's degree in Law and an International MBA with an emphasis on corporate finance (LUISS Business School and the University of San Diego, 2012), and worked as a financial analyst at a real-estate investment firm in San Diego and as an assistant controller. His work focuses on business model strategy, business engineering and, more broadly, structural analysis: how companies make money, read from their own filings. He created FourWeekMBA and leads research there and at The Business Engineer, his newsletter on AI and business strategy, with over 95,000 subscribers and more than 1,000 published analyses. His writing has also appeared on Entrepreneur (for example, How to Digitize a Family Business in Europe) and HackerNoon. Find him on LinkedIn and Substack. See how we source.
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