Alphabet Launches First Bond Sales in Hong Kong and Singapore

Alphabet Inc. has begun marketing its first bond offerings denominated in Hong Kong and Singapore dollars to raise approximately $3 billion. The company is using the issuance to test investor appetite in Asian markets following global volatility triggered by an artificial intelligence selloff.

Alphabet set initial price guidance for Hong Kong dollar notes at approximately 4.6% for 2-year terms, 5% for 5-year terms, and 5.5% for 10-year terms. Singapore dollar-denominated notes carry guidance ranging from 2.75% for 2-year terms to 4% for 30-year terms. The company is targeting minimum sizes of HK$8 billion (roughly $1 billion) and S$1.5 billion (roughly $1.2 billion).

Proceeds from the sale will support increased spending on data centers and AI computing infrastructure. To manage the issuance, Alphabet mandated HSBC and JPMorgan as joint global coordinators, supported by several regional banks. This move follows a broader borrowing strategy that included a 6 billion euro sale in early November and $25 billion in US dollar bonds in August.