Alphabet Issues 100-Year Sterling Bond, First of Kind for Tech Sector (GOOGL)

Alphabet Inc. (GOOGL) will issue a 100-year sterling bond, joining an exclusive group of entities to borrow for a century. The move is part of a broader plan to raise over $20 billion across multiple currencies, funding its $185 billion AI infrastructure spending. Only Oxford University, the Wellcome Trust, and EDF have issued century bonds in sterling; others are typically sovereigns. Demand for the bond was five times oversubscribed ($100 billion), while the Nasdaq rose 1% on Monday. Alphabet has $127 billion in cash and plans to double its capital expenditure to $185 billion this year amid a $660 billion, 60% increase in spending by major tech firms. The century bond marks Alphabet’s first borrowing in sterling and its second major issuance in four months.