In this article
Alphabet
’s rare 100-year sterling bond is the latest sign of late-cycle exuberance in credit markets, strategists say, as tech hyperscalers ramp up borrowing to historic levels to fund vast data center and AI infrastructure buildouts.
The century bond — the Google-owner’s debut issuance in sterling — is part of a broader multi-tranche, multi-currency borrowing drive totaling some $20 billion. The offering spans maturities across dollars, euros and sterling, and includes a debut bond in Swiss francs.
Century bonds remain rare, and are more commonly associated with governments than corporate borrowers. Demand typically comes from large institutional investors such as pension funds and insurers seeking to match long-term liabilities.
