Overview
- Alphabet’s U.S. sale raised about $20 billion across seven tranches maturing from 2029 to 2066 after orders topped $100 billion, with the longest tranche priced around 0.95 percentage points over Treasuries.
- The company added sterling and Swiss franc offerings within a day, bringing total proceeds to roughly $31.5–32 billion, according to lead-manager memos and deal reports.
- The U.K. deal included a £1 billion, 100-year bond with a 6.125% coupon (about 6.05% yield), drawing nearly 10 times bids and marking the tech sector’s first century bond since 1997.
- Deal statistics indicate the £5.5 billion sterling package and 3.055 billion Swiss franc sale set corporate issuance records in their respective markets, supported by demand from pension and insurance investors seeking long-dated assets.
- Credit strategists warn that heavy hyperscaler issuance could widen investment‑grade spreads, and covenant analysts note Alphabet’s new bonds lack meaningful restrictive covenants or subsidiary guarantees.