Five popular USD bonds have now arrived on Bondsupermart Live. Bondsupermart Live supports real-time and small-lot trading, allowing investors to trade this bond instantly. The newly listed bonds are issued by Amazon, Apple, Oracle, Intel and the Saudi Government. Below is a brief update on the latest developments of each company and government.
1. Amazon – AMZN 5.450% 20Nov2055 Corp (USD): Yield 5.5%
In the first three quarters of 2025, Amazon's total revenue rose 11.8% YoY to USD 503.5 billion. Product sales and service sales grew by 8.5% and 14.3%, respectively. Driven by the demand for computing power fuelled by artificial intelligence (AI), Amazon Web Services (AWS) revenue increased 18% YoY to USD 93.2 billion, serving as the primary driver of overall growth. The company released the Trainium3 chip at its re:Invent conference last December; compared to GPUs, this chip can save up to 50% on AI training costs, allowing the company to reduce its reliance on Nvidia GPUs while boosting AWS's gross margins. On the other hand, partnerships with large streaming platforms like Netflix and Spotify have expanded Amazon DSP's (Demand Side Platform) off-site advertising channels. Coupled with the strategy of broadcasting live sports on Prime Video, this has increased ad exposure, maintaining ad revenue growth at nearly 20%. Overall, benefiting from AI-driven cloud demand and high-margin advertising revenue, the company has demonstrated solid revenue growth.
As of the end of September 2025, to meet client demand for computing power, Amazon has built infrastructure with a capacity exceeding 3.8 gigawatts over the past 12 months. Combined with chip R&D, this drove capex up by over 70% YoY to USD 120 billion, causing free cash flow to turn negative to USD -7.2 billion. However, Amazon maintains a net cash position, and with nearly USD 27.3 billion in marketable securities, overall liquidity remains ample. The market expects Amazon's capex to rise another 30% in 2026, further pressuring free cash flow. Nevertheless, future revenue growth from AWS is expected to offset some of this capex, thereby narrowing the free cash outflow. Additionally, the company issued USD 15 billion in debt last November to support AI development. Given its currently healthy net gearing ratio, the company's overall default risk remains relatively low.
2. Apple – AAPL 4.850% 10May2053 Corp (USD): Yield 5.2%
For FY 2025 (October 2024 to September 2025), Apple recorded a 6% YoY increase in total revenue to USD 416 billion, with product sales accounting for 70% of the total. The company launched several products during the fiscal year, including the iPhone 17 series, M5 Mac and AirPods Pro 3. Among them, Mac sales rose 12% YoY to USD 33.7 billion, becoming the product with the largest growth margin, while iPhone and iPad sales recovered to single-digit growth (up from negative growth in the previous fiscal year). Benefiting from strong market demand for the iPhone 17 series, the company expects total revenue to grow by 10% to 12% in the first quarter of FY 2026. Additionally, services sales contributed double-digit revenue growth and surpassed USD 100 billion for the first time. The company also recently announced a partnership with Google to power Apple's AI platform, Apple Intelligence, using Google's generative AI, Gemini. Together with enhancements to its own apps and the intelligent assistant Siri, this is expected to meaningfully improve user experience and support growth in service revenue.
Regarding credit, unlike other tech giants, Apple has not built massive data centres in pursuit of AI computing power. Instead, it has adopted a hybrid strategy to advance its AI business: procuring computing power externally while building data centres with its own chips. Consequently, its capex recorded a relatively moderate increase of 30% to USD 12.7 billion, and free cash flow dipped only slightly by 9% to USD 98.7 billion. As of the end of September 2025, strong cash flow provided Apple with ample room for debt repayment, and total debt subsequently fell to a multi-year low of USD 98.7 billion. Although Apple does not hold a net cash position, its total debt-to-free cash flow ratio is only 1, indicating that in the absence of dividends and share buybacks, Apple could completely pay off its debt using operating cash within just one year, demonstrating abundant solvency. Management has indicated it will continue the hybrid strategy for AI development; therefore, we expect Apple to remain prudent regarding capex, maintaining a robust financial position.
3. Oracle – ORCL 5.875% 26Sep2045 Corp (USD): Yield 6.8%
In the first half of FY 2026 (June 2025 to May 2026), Oracle's total revenue recorded a 13% YoY growth, reaching USD 31 billion. Cloud services revenue saw an increase of nearly 33%, replacing software services as the largest revenue contributor. Following the signing of cloud computing contracts with AI giants like Microsoft and OpenAI in FY 2026, Oracle's backlog value grew nearly 540% YoY to USD 523 billion. Management believes that 75% of the backlog will convert to revenue over the next five years, bringing an average annual growth of 30% to total revenue before 2030, and surpassing USD 100 billion by 2028. Notably, the USD 300 billion "Stargate" cloud computing agreement signed with OpenAI in September 2025 accounts for more than half of the company's backlog value, raising market concerns about over-reliance on OpenAI orders. However, the company states that even if OpenAI fails to fully perform the contract, the data centre equipment is "fungible," meaning servers can be transferred to other clients within hours, and the built capacity is expected to be absorbed by the market.
The data centre being built for OpenAI is expected to be completed in FY 2028, meaning the company will need to invest significant capital during the construction period over the next two years. Management expects capex for the full FY 2026 to reach USD 50 billion, and the company has raised USD 15 billion in debt within the last six months, bringing total debt to over USD 100 billion. Even so, Oracle has only USD 20.7 billion in debt maturing over the next three years, with nearly 80% of its debt maturing after 2030. Given the company's current cash level of nearly USD 20 billion, the risk of debt default in the coming years is indeed low. Management is actively exploring financing channels other than debt issuance to support data centre construction and hopes to keep the S&P Global Ratings-adjusted leverage below 4× while maintaining its BBB rating. However, S&P expects the company's S&P Global Ratings-adjusted leverage for FY 2026 to be higher than 4x, suggesting some risk of a rating downgrade. Given Oracle’s relatively high concentration risk with OpenAI and its debt level, its bonds are more suitable for investors who can tolerate a moderate degree of risk.
4. Intel – INTC 5.6250% 10Feb2043 Corp (USD): Yield 5.6%
Intel's total revenue for 2025 edged down 0.4% YoY to $52.8 billion. Fourth-quarter revenue fell by nearly $1 billion to $13.7 billion due to the *deconsolidation of revenue from its subsidiary Altera, causing full-year revenue to decline for the third consecutive year. In fact, Intel failed to fully benefit from the demand for AI computing power because data centre buildouts rely more on Graphics Processing Units (GPUs) than on the Central Processing Units (CPUs) that the company specialises in. Furthermore, its data centre CPU, Xeon, showed no significant advantage over competitor AMD's EPYC CPU, leaving revenue lacking growth momentum. Although the company's overall operating expenses improved significantly, the chip foundry business suffered a loss rate as high as approximately 60%, keeping the company in the red. However, the U.S. government acquired 10% of the company's common stock for $8.9 billion last August, becoming the largest shareholder and deepening cooperation. The company also announced this week that it had secured orders from the War Department, capped at $151 billion, and these collaborations are expected to become sources of revenue growth.
*The company sold a 51% stake in Altera to private equity firm Silver Lake for approximately $3.3 billion last April.
Since CEO Lip-Bu Tan took office last March, he has continued to strengthen the balance sheet. In the third quarter alone, the company successfully secured capital injections from the U.S. government, Nvidia, and Softbank, and sold portions of its holdings in Altera and Mobileye. As a result, despite recording a loss in 2025, cash reserves increased by nearly 70% YoY to $37.4 billion. With total debt currently at $44 billion, the cash-to-debt ratio stands at 0.85, indicating a manageable debt level. However, the company continues to operate at a loss while maintaining capex at a high level; free cash flow has been negative for several consecutive years, thereby increasing reliance on external financing and heightening the risk of rising debt. Fitch also downgraded the company's rating from BBB+ to BBB last August, citing declining competitiveness. Overall, given that there is still some room for financing and policy support, the company's short-term default risk is not considered high for now, but progress on cash flow improvement and future debt levels requires continued attention.
*Cash Reserves = Cash and Cash Equivalents + Short-term Investments
5. Saudi Arabia Government Bond – KSA 4.500% 26Oct2046 Govt (USD): Yield 5.8%
Saudi Arabia (referred to as "Saudi") recorded a 4.8% YoY GDP growth in the third quarter of 2025, marking the fifth consecutive quarter above 3.5%. Within this, oil activities contributed 2% to GDP growth, while non-oil activities, driven by rising tourist numbers and a recovery in personal consumption, contributed approximately 2.4%. Since the government launched "Vision 2030" in 2016, it has continuously promoted economic transformation. The non-oil sector has become a key growth engine, recording an average GDP growth of 12.5% over the past four years, thereby reducing reliance on oil production to a certain extent. The International Monetary Fund (IMF) recently raised Saudi Arabia's 2026 GDP growth forecast again to 4.5% (It has already been upgraded twice). It believes that the further opening of capital markets to foreign investment, along with OPEC+ gradually relaxing production restrictions—driving a rebound in oil production—will support Saudi Arabia's growth performance in outperforming the global average of approximately 3.4%.
The Saudi government expects total revenue for 2025 to be 1.1 trillion Riyals (around US 293 billion), 8% lower than budgeted. The main reason is the decline in oil prices, causing oil revenue to drop sharply by 13%, resulting in a budget deficit of 245 billion Riyals (approximately 5.3% of 2025 GDP). Consequently, total debt has risen for three consecutive years to 1.5 trillion Riyals. The Saudi government approved a financing plan this month, estimating a need for at least 217 billion Riyals in 2026 to support the expected budget deficit and repay maturing debt. Although government debt has continued to rise in recent years, its current debt-to-GDP ratio is still only 31%, significantly lower than the global average of approximately 95%. Furthermore, the government expects the budget deficit to narrow in the coming year. As infrastructure investment related to "Vision 2030" gradually tapers off thereafter, the possibility of a budget surplus is expected to increase, making the Saudi government's default risk relatively low.
Table 1: Details of the 5 USD Corporate Bonds
| Bond Name | Issuer | Tenor | Yield to Maturity | Bond Credit Rating (S&P / Fitch) | Min. Investment Amount |
| AMZN 5.450% 20Nov2055 Corp (USD) | Amazon | 29.8 yrs | 5.50% | AA / AA- | Full lot: 2,000 |
| Odd lot: 1,000 | |||||
| AAPL 4.850% 10May2053 Corp (USD) | Apple | 27.3 yrs | 5.20% | AA+ / N.R | Full lot: 2,000 |
| Odd lot: 1,000 | |||||
| ORCL 5.875% 26Sep2045 Corp (USD) | Oracle | 19.7yrs | 6.80% | BBB/ BBB | Full lot: 2,000 |
| Odd lot: 1,000 | |||||
| INTC 5.6250% 10Feb2043 Corp (USD) | Intel | 17.1yrs | 5.60% | BBB/ BBB | Full lot: 2,000 |
| Odd lot: 1,000 | |||||
| KSA 4.500% 26Oct2046 Govt (USD) | Saudi Government | 20.8yrs | 5.80% | N.R / A+ | Full lot: 200,000 |
| Odd lot: 1000,000 | |||||
| Source: iFAST compilations. Data as of 23 January 2026. | |||||
Declaration: For specific disclosure, at the time of publication of this report, IFPL (via its connected and associated entities) holds positions in AMZN 5.450% 20Nov2055 Corp (USD), AAPL 4.850% 10May2053 Corp (USD), ORCL 5.875% 26Sep2045 Corp (USD), INTC 5.6250% 10Feb2043 Corp (USD), and KSA 4.500% 26Oct2046 Govt (USD). The analyst who produced this report holds NIL positions in the abovementioned securities.
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