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AI BOND SUPPLY CONTINUES UNABATED

ADMIN || 4th November 2025

Today Alphabet Inc. did an eight-part dollar bond sale, adding to a wave of offerings from technology companies as they invest aggressively in artificial intelligence. The Google parent also raised €6.25 billion ($7.2 billion) in Europe’s debt market on Monday. Its sale comes just days after Meta Platforms Inc. issued $30 billion in what was the largest dollar-bond offering of the year. After technology peer Meta built a record $125bn order book last week, Alphabet drew roughly $90bn in demand for the US dollar portion of its financing, as tech companies tap the debt markets to fund AI investments.

Alphabet marketed dollar-denominated notes, ranging from three to 50 years. Total issues size was 17.5 BN USD for which they received 90 BN USD bids. Following are the details of the said USD bond issuance:

Following are the details of the 6.5 BN Euro Alphabet bond issuance today:

After nearly $79bn priced last week, new issue volume is expected to reach about $55bn this week as companies continue to flock to the high-grade debt capital markets. Several desks are projecting as much as $150bn in issuance for November, a 55% year-over-year increase that would surpass the current November record of $137bn set in 2012. At least three issuers elected to stand down Monday, likely due to competing supply.

Most of this year’s $220 billion of gross AI‑related issuance has translated into new net supply to the market. AI-related net supply has accounted for 29% of overall USD net supply year to date. This trend can be sustained as part of a re-leveraging impulse which should boost net supply in USD markets in 2026.

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