Microsoft Corp.’s creditors turned slightly more cautious on the software company’s longer-term, high-quality debt after a US judge approved its planned $69 billion deal to buy video game maker Activision Blizzard Inc.

The extra yield investors demand to hold onto Microsoft’s 2.525% senior unsecured bonds maturing in June 2050 over comparable US Treasuries rose by 5 basis points to 70 basis points as of 1:15 p.m. Tuesday in New York, according to Trace bond data. The risk premium on the tech giant’s 2.921% notes maturing in March 2052 widened 4 basis points to 70 basis points.

“Microsoft’s balance sheet could change dramatically if its US court win against the FTC enables it to ultimately close its $69 billion cash acquisition of Activision,” Bloomberg Intelligence strategists Robert Schiffman and Abigail Marshall wrote Tuesday.

Microsoft didn’t respond to a request for comment.

The move in long-dated bond spreads indicates wariness among some investors about the company’s plan to merge with Activision, a deal that appears more certain after securing a green light from a US judge and as UK regulators pause their own litigation

The company’s bond spreads could widen even further, should Microsoft sell more debt for the sale — which would likely be sold to investors with a concession, said Schiffman. It’s also possible, however, that the software firm uses its $104 billion cash hoard to fund the acquisition and keep its AAA credit rating profile intact, according to Bloomberg Intelligence.

Microsoft’s shares were down slightly in intraday trading as of 1:15 p.m. in New York, while Activision’s stock was up 11% to $92.02, the most since January 2022.