Alphabet(US:GOOGL) Zhi Tong Cai Jing·2026-02-10 10:37Group 1: Core Insights - Alphabet's parent company, Google, is issuing bonds denominated in British pounds and Swiss francs, including a rare 100-year bond, following a $20 billion bond issuance in the U.S. [1] - The issuance includes five tranches of bonds in pounds and francs, with maturities ranging from 3 to 32 years for pounds and 3, 6, 10, 15, and 25 years for francs [1][3] - The $20 billion issuance in the U.S. attracted over $100 billion in subscriptions, setting a strong precedent for the current bond offerings [1][2] Group 2: Market Context - The issuance of the 100-year bond is the first by a tech company since Motorola in 1997, highlighting the rarity of such long-term corporate debt [3] - Demand for long-term financing in the UK market is driven by pension funds and insurance companies, making it an attractive venue for issuers [3] - Other tech companies, including Meta and Microsoft, are also planning significant capital expenditures, contributing to a broader trend of increased borrowing in the sector [2] Group 3: Financial Institutions Involved - The bond issuance is being arranged by major banks including Bank of America, Goldman Sachs, and JPMorgan, with Barclays, HSBC, and National Westminster Bank participating in the pound issuance [4] - French bank BNP Paribas and Deutsche Bank are involved in the Swiss franc bond issuance [4]