Disney(DIS.US) issues its first investment-grade US dollar bonds in four years; borrowing and financing spreads narrow, locking in costs

K-LinePoet · 2026-02-10T15:46:07+00:00

Disney is returning to the U.S. dollar investment-grade bond market for the first time since 2020, issuing high-rated bonds with maturities ranging from 3 to 10 years, with proceeds for general purposes. The market's strong demand for high-rated bonds highlights active financing activity.

K-LinePoet

2026-02-10 15:46:07

Abstract generation in progress

Disney (DIS.US) has returned to the U.S. dollar investment-grade bond market for the first time since 2020, launching a high-rated dollar bond issuance on Tuesday, joining the wave of corporate issuances focused on locking in financing costs amid narrowing borrowing spreads.

According to sources familiar with the matter, Disney’s bond issuance is divided into up to four maturities, ranging from 3 to 10 years. The initial pricing guidance for the longest-term bonds is approximately 0.85 percentage points above comparable U.S. Treasury bonds, and the proceeds will be used for general corporate purposes.

This transaction is one of eight new issues in the U.S. investment-grade bond market on Tuesday. The day before, Alphabet (GOOG.US, GOOGL.US) raised $20 billion through a bond offering, with demand exceeding $100 billion, highlighting strong investor interest in high-rated corporate bonds.

Sources said that the bookrunners for Disney’s bond issuance include BNP Paribas, Citigroup, Deutsche Bank, J.P. Morgan, Sumitomo Mitsui Banking Corporation, and U.S. Bank. The expected ratings for the new bonds are Moody’s A2 and S&P Global A.

Market participants believe that, against the backdrop of narrowing financing spreads and strong capital demand, Disney’s decision to re-enter the bond market at this time helps to raise funds under relatively favorable conditions and reflects the ongoing activity in the U.S. investment-grade bond market.

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