Core Viewpoint - Alphabet Inc is conducting one of the largest bond sales by a technology company, raising over $11 billion through sterling- and Swiss franc-denominated bonds, including a rare 100-year bond [1][2] Group 1: Bond Issuance Details - The company recently raised $20 billion in a multi-part US dollar bond sale, which saw unprecedented demand for a corporate offering [2] - The 100-year bond is the first of its kind issued by a technology firm since Motorola in 1997, highlighting its rarity in the corporate world [4] - Alphabet's bond offering includes maturities ranging from three to 32 years, with a total expected to reach £5.5 billion ($7.5 billion), setting a record for the UK market [11] - The Swiss franc deal is expected to be at least 2.75 billion francs ($3.6 billion) across multiple maturities, following the recent US dollar bond sale [12] Group 2: Market Context and Demand - The bond market for century bonds is primarily dominated by governments and institutions, with companies facing added uncertainty due to long maturities [5] - Institutional investors, such as pension funds and insurance companies, are key buyers of such long-dated bonds to align assets with long-term liabilities [7] - Alphabet's current borrowing spree is driven by a projected capital expenditure of up to $185 billion this year, primarily to fund AI initiatives [10] Group 3: Historical Context and Comparisons - No Indian company has issued a true 100-year domestic bond recently, although Reliance Industries raised a $100 million 100-year external commercial borrowing in 1997 [15] - Life Insurance Corporation of India has sought approval to issue 50- and 100-year bonds to match long-term insurance liabilities, although century bonds have not yet been issued [16]