Alphabet Launches Second Euro Bond Sale of 2026 Across Seven Tranches

Alphabet has launched its second euro-denominated bond sale of 2026 across seven tranches to finance artificial intelligence and cloud computing infrastructure. The debt offering features maturities ranging from two to 19 years and follows a roughly 9 billion euro bond raise completed in May. Initial spread guidance is around 60 basis points over mid-swaps for the shortest-dated tranche and 205 to 210 basis points for the 19-year notes. Managed by Deutsche Bank, Barclays, and BNP Paribas, the sale comes after earnings-related volatility wiped approximately $500 billion from Alphabet's market capitalization.