Overview
- Alphabet sold $20 billion in a seven-part U.S. dollar offering, with the 40-year tranche priced about 0.95 percentage point over Treasuries after pricing tightened.
- The company followed with debut sterling and Swiss franc sales, raising £5.5 billion and 3.055 billion Swiss francs, including a £1 billion century bond.
- Investor demand was intense, with more than $100 billion of orders for the U.S. deal and close to ten times bids for the 100-year sterling tranche.
- Bank of America, Goldman Sachs and JPMorgan led the sterling and Swiss transactions, with Barclays, HSBC and NatWest on the sterling deal and BNP Paribas and Deutsche Bank on the Swiss deal.
- The multi-currency program underscores a broader wave of AI-related borrowing that analysts say could drive record corporate bond issuance this year even as some expect credit spreads to widen.