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Bond Market News
Intel Shows Signs of Turnaround; Plans Dollar Bond Issuance
April 27, 2026
Intel reported strong 1Q2026 results last Friday. Q1 revenue rose 7.2% to $13.58bn, beating estimates and marking a notable reversal after YoY revenue declines in five of the prior seven quarters. Intel also issued upbeat second-quarter guidance. The turnaround is largely credited to CEO Lip-Bu Tan, who took over in early-2025. Tan has moved quickly to stabilize Intel’s balance sheet, attract investment from the Trump administration and Nvidia. Intel’s data center segment saw revenues jump 22% YoY to $5.1bn, fueled by AI-driven demand for central processing units.
Meanwhile, Intel is preparing a multi-billion dollar bond offering, potentially in five tranches, to help finance its $14.2bn buyback of Apollo Global Management’s 49% stake in Fab 34. Intel plans to split the funding between cash on hand and approximately $6.5bn in new debt. Citigroup, JPMorgan, Barclays, BofA, and Deutsche Bank held investor calls on Friday to discuss the financing. Early pricing discussions point to a five-tranche structure spanning maturities of 5, 7, 10, 30, and 40 years with spreads ranging from T+85bp on the short end to T+135/140bp on the 40Y tranche, as per sources. Final terms have not been set and remain subject to change. The last time Intel tapped the dollar bond market directly was in February 2024.
Intel shares surged 24% on Friday, marking their strongest single-day performance since October 1987. However, its dollar bonds traded stable. For instance, the 4.8% 2041s were at 89.7, yielding 5.8%
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