Alphabet (GOOGL-US) To Issue 100-Year Corporate Bond, Enters Sterling and Swiss Franc Markets

Alphabet (GOOGL-US) will issue a rare 100-year corporate bond, the first by a U.S. tech company since the 1990s, as part of its aggressive AI infrastructure funding. The offering will also debut in the sterling and Swiss franc markets, with sterling-denominated notes pricing as early as February 10, 2026. The issuance will include a mix of notes denominated in U.S., sterling, and Swiss francs, with sterling maturities ranging from 3 to 100 years and Swiss franc maturities from 3 to 25 years. Total proceeds for the U.S. portion are expected to reach $200 billion, exceeding the original $150 billion target, following a $175 billion offering in November 2025 that attracted about $900 billion in subscriptions. The move follows Alphabet’s announced capital expenditures of $185 billion in 2026, a doubling from 2025, and reflects strong demand for long-duration assets from insurance and pension funds. However, analysts caution this issuance is likely an outlier rather than a trend.