Alphabet to Issue Rare 100-Year Bond in USD/GBP/CHF Debt Raise

Alphabet announced a $20 billion (€16.8 billion) bond sale on February 07, 2026, an upsized offering that exceeded $100 billion (€84 billion) in demand. The company is planning a multi-currency raise, including a potential 100-year GBP issuance, following a seven-tranche USD offering that includes a 40-year bond maturing in 2066. Pricing is expected to narrow from 1.2% over U.S. Treasuries to about 0.95%, with three-year notes trading 0.27% above Treasuries. JPMorgan, Goldman Sachs, and Bank of America are participating. The strategy diversifies the investor base, leverages lower sterling rates, and supports record AI capital expenditures of over $185 billion (€155 billion), driving long-term debt to $46.5 billion (€39 billion) while cash remains充裕 at over $125 billion. Oracle raised $25 billion in a similar offering last week, and Morgan Stanley estimates tech hyperscalers will raise about $400 billion in 2026, potentially pushing high-grade U.S. corporate bonds to a record $2.25 trillion.