QTS Realty Trust completed a $3.9 billion investment-grade bond sale to fund a Microsoft data center project in Georgia, with the five-year deal ultimately priced to yield 7.228% despite about $23 billion of demand. The order book was roughly six times covered and allowed the deal to grow by about $1 billion from the size presented to investors last week, yet final pricing tightened by only 40 basis points from initial guidance, showing that investors still required unusually high compensation for new AI infrastructure debt. The bond's yield landed near levels associated with B-rated junk bonds, an uncommon outcome for investment-grade paper, and stood more than 150 basis points above a $4.6 billion QTS data center bond sold in April for another Microsoft project in Georgia. The result points to a market where long-term hyperscale leases still attract capital, but financing costs for AI buildouts are rising sharply.