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Alphabet is set to raise €6 billion ($6.7 billion) through its second euro bond issuance this year. Yields on the offering are significantly higher than those of its May sale, as concerns over the pace of AI spending have triggered a selloff in credit markets. According to people familiar with the matter who spoke on condition of anonymity, the Google parent company is nearing the completion of a seven-tranche bond deal with maturities ranging from two to 19 years. Investor orders exceeded €17.1 billion, with demand concentrated in the longest-dated tranche. Spreads on all tranches are expected to be wider than May levels, and pricing also reflects declining prices on Alphabet's existing euro bonds—spreads on those bonds have widened by as much as 0.6 percentage points since issuance.
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