Matt Levine once noticed that Microsoft’s bonds were actually cheaper than Treasuries (during a time of Trump-instigated turbulence).

His point was that Microsoft has an interest in maximizing its credit worthiness which necessitated the corporate governance etc, while the administration had an interest in maximizing… other stuff (?) which did not necessitate the same things.

[1] https://www.wsj.com/finance/investing/why-microsoft-has-lowe...