Published: Monday, November 3, 2025 · 8:25 AM | Updated: Monday, November 3, 2025 · 8:25 AM
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(Bloomberg) — Alphabet Inc. is returning to Europe’s debt market for the second time this year with a multi-tranche sale, as the Google parent raises funds to support record capital spending on artificial intelligence and cloud infrastructure.
The technology company is marketing six euro-denominated benchmark tranches, ranging from three to 39 years, according to a person familiar with the matter, who asked not to be identified. The total sale is expected to be at least €3 billion ($3.5 billion).
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The three-year is being sold around 60 basis points over mid-swaps while the longest tranche is being marketed at approximately 190 basis points.
This marks Alphabet’s second visit to the euro market in 2025, following its multi-tranche €6.75 billion debut earlier this year, which drew heavy demand as the U.S. technology giant diversified its funding sources beyond dollars.
Technology companies have been on a funding spree as they increase spending on artificial intelligence. Meta Platforms Inc. sold $30 billion of corporate bonds last week, the biggest offering of the year in the US dollar market.
The bond sale comes after Alphabet reported a surge in demand for its cloud and artificial intelligence services last quarter, with third-quarter sales rising to $87.5 billion.
The company is investing record amounts to push progress in AI, with capital expenditures for the year expected to be $91 billion to $93 billion, and revenue from products built on Google’s generative AI models growing more than 200% from a year earlier.
The proceeds will be used for general corporate purposes, the people said. Alphabet is rated Aa2/AA+.
Goldman Sachs, HSBC and JPMorgan are joint global coordinators and joint bookrunners, while BNP Paribas, Crédit Agricole CIB and Deutsche Bank are also joint bookrunners. Pricing is expected later today.
Issuer Profile
Debt distribution: GOOGL US Equity DDIS
Capital structure: GOOGL US Equity CAST
Related securities: GOOGL US Equity RELS
Ratings history: GOOGL US Equity CRPR
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