#Alphabet Inc. Issues Bonds in Sterling and Swiss Francs
Alphabet Inc. is selling sterling and Swiss franc denominated bonds for the first time, including a 100-year sterling note. The transactions follow a $20 billion multi-tranche US dollar bond sale completed earlier this week.
The Swiss franc offering totals a minimum of 2.45 billion Swiss francs, equivalent to about $3.2 billion. The bonds span maturities of three, six, 10, 15, and 25 years. Pricing is expected later today. The transaction represents Alphabet’s debut issuance in the Swiss market.
The sterling deal includes maturities ranging from three to 32 years. It also includes a 100-year bond. The century-long maturity marks the first such issuance by a technology company since the late 1990s.
Earlier in the week, Alphabet raised $20 billion through a seven-part dollar bond sale. The deal exceeded initial expectations for a $15 billion transaction. Demand peaked above $100 billion. All tranches from the dollar sale have traded higher in the secondary market since pricing.
The current offerings come amid elevated capital spending by Alphabet. The company has stated that capital expenditures will reach up to $185 billion this year. That figure is roughly double last year’s level. The spending supports infrastructure and data center investments linked to artificial intelligence development.
The sterling market has previously seen large corporate transactions. National Grid Plc set a record in 2016 with a £3 billion four-part sale. In Switzerland, Roche Holding AG raised 3 billion Swiss francs in a 2022 bond deal.
#Market Impact
The transactions expand Alphabet’s funding sources beyond the US dollar market. The size and maturity profile extend the company’s long-term debt structure. Secondary market performance of the recent dollar bonds indicates sustained investor demand for large investment-grade issuers.
#Broader Market Context
Other technology companies are also increasing capital commitments. Meta Platforms Inc. and Microsoft Corp. have announced elevated spending plans for 2026.
The Swiss franc market has attracted US corporate issuers seeking currency diversification. In 2025, Thermo Fisher Scientific Inc. and Caterpillar Inc. both issued Swiss franc denominated bonds.
#What an Investor Needs to Know
The bond sales increase Alphabet’s long-dated liabilities while broadening its access to non-dollar investors. The 100-year sterling bond highlights demand for extended maturities in the UK market.