Latest. Alphabet has set initial price guidance for the two sales, Reuters reported on Thursday, citing a term sheet it saw. Guidance on the Hong Kong dollar portion is 4.60 percent for the notes due 2028, 5.00 percent for 2031 and 5.50 percent for 2036; on the Singapore dollar portion it is 2.75 percent for 2028, 3.25 percent for 2031, 3.65 percent for 2036 and 4.00 percent for 2056. The bonds are expected to be rated Aa2 by Moody’s and AA+ by S&P, with settlement scheduled for November 19. Bank of China (Hong Kong), ICBC and Standard Chartered are arranging the Hong Kong dollar sale, and DBS, OCBC and United Overseas Bank the Singapore dollar sale, alongside HSBC and JPMorgan as joint global coordinators on both.
Alphabet is looking to raise about $3 billion equivalent through its first bond sales in Hong Kong and Singapore dollars, Reuters reported on Wednesday, citing two people with knowledge of the matter and a term sheet the wire saw earlier that day. One of the people said the sales would likely raise at least $2.2 billion, with minimum sizes under consideration of HK$8 billion (about $1 billion) for the Hong Kong dollar portion and S$1.5 billion (about $1.2 billion) for the Singapore dollar portion; final size, timing and pricing have not been set, and Alphabet did not immediately respond to a request for comment.
The Hong Kong dollar bonds could carry two-, five- and 10-year maturities and the Singapore dollar bonds two, five, 10 and 30 years, with HSBC and JPMorgan mandated as joint global coordinators. The borrowing adds to a heavy issuance year driven by data centre and AI spending: Alphabet said in an October 29 filing that it issued $45 billion of US dollar notes and $35.8 billion of foreign currency notes in the nine months to the end of September, and it raised 6 billion euros in a euro sale last week.