Overview
- Alphabet opened a six-part euro bond sale Tuesday, marketing at least €3 billion, while Bloomberg said demand supported a deal of at least €9 billion.
- Proceeds are for general corporate purposes, and the sale comes as Alphabet plans up to $190 billion of 2026 capital spending focused on AI data centers.
- The structure spans six maturities with a longest note due in 2063, early price talk near 205 basis points over midswaps, and Barclays, BNP Paribas, Deutsche Bank and HSBC running the books.
- S&P Global Ratings assigned an AA+ to the proposed euro issue and said Alphabet is also preparing Canadian-dollar bonds.
- The deal lands in a market that has absorbed about $300 billion of AI-linked debt, with Meta’s $25 billion bond last week pointing to higher premiums as investors grow choosier.