Google parent Alphabet has set initial price guidance for its first bond sales in Hong Kong and Singapore dollars, opening a new front in the technology giant’s push to fund its artificial intelligence ambitions.
The Hong Kong dollar portion carries initial guidance of 4.60 per cent for notes due in 2028, 5.00 per cent for 2031 notes and 5.50 per cent for notes maturing in 2036, according to a term sheet seen by Reuters. The Singapore dollar tranche starts at 2.75 per cent for 2028 notes, 3.25 per cent for 2031, 3.65 per cent for 2036 and 4.00 per cent for notes due in 2056.
The sales are expected to raise at least $2.2 billion, with Alphabet considering minimum sizes of HK$8 billion ($1.02 billion) for the Hong Kong dollar portion and S$1.5 billion ($1.17 billion) for the Singapore dollar portion. Settlement is scheduled for November 19, and the bonds are expected to be rated Aa2 by Moody’s and AA+ by S&P.
HSBC and JPMorgan are the joint global coordinators for both sales. Bank of China (Hong Kong), ICBC and Standard Chartered are arranging the Hong Kong dollar bonds, while DBS, OCBC and United Overseas Bank will arrange the Singapore dollar sale.
The debut in the two Asian currencies comes as the world’s largest technology companies borrow at a record pace to pay for data centres and computing power. Big Tech has already driven US corporate bond sales to a record $1.88 trillion this year, with investors so far willing to fund the spending despite growing questions about when the returns will arrive.
Alphabet’s move also deepens its presence in Asian capital markets at a moment when the region’s investors are hungry for highly rated paper. A successful sale would give the company a new pool of funding in currencies where it earns growing revenues, and set a benchmark other US technology groups may follow.
The details of the sale are based on a term sheet seen by Reuters and have not yet been confirmed publicly by Alphabet; final pricing and the exact amount raised may change before the deal closes.
Sources: Reuters, “Alphabet sets initial price guidance for Hong Kong, Singapore bond sales, term sheet shows”, https://www.reuters.com/world/asia-pacific/alphabet-sets-initial-price-guidance-hong-kong-singapore-bond-sales-term-sheet-2026-11-12/
