Alphabet's debt raise fuels forecasts for record year in corporate bond sales
The Hindu
Google parent Alphabet tapped the U.S. high-grade bond market on Monday, adding to a boom in debt funding by AI companies
Google parent Alphabet tapped the U.S. high-grade bond market on Monday, adding to a boom in debt funding by AI companies that analysts project will lead to a record-breaking year for corporate debt issuance.
Alphabet sold $20 billion in a seven-part series of senior unsecured notes, according to International Financing Review (IFR) data.
The company is planning an additional debut sterling offering which could include a rare 100-year bond, according to a report on Monday by the Financial Times, which cited people familiar with the matter.
Alphabet did not immediately respond to a request for comment. Monday’s deal follows a $25 billion note sale by Oracle disclosed on February 2 in a securities filing, as AI companies have rapidly increased their borrowing alongside their spending as they race to expand their data-center presence and processor needs. Oracle did not immediately respond to a request for comment.
The five major AI hyperscalers - Amazon, Google, Meta, Microsoft and Oracle - issued $121 billion in U.S. corporate bonds last year, according to a January report by BofA Securities. Amazon, Meta and Microsoft did not immediately respond to requests for comment. Oracle sold $18 billion in bonds in September. This was followed in October by Meta’s $30 billion deal – the largest-ever individual non-M&A high-grade bond sale – and November deals from Alphabet ($17.5 billion) and Amazon ($15 billion).
The Big Six U.S. hyperscalers are on track to spend $500 billion this year, according to a January 12 report by Moody’s Ratings.
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