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The transaction, issued by the California Community Choice Financing Authority and underwritten by Goldman Sachs (GS), drew strong investor demand. Alphabet acted as a financial intermediary for the California utility Pioneer Community Energy, helping to support a long-term clean electricity supply through a tax-exempt financing structure.
The deal’s largest piece was initially priced at a 95-basis-point spread above the benchmark. Demand strengthened after pricing, with the 2035 maturity seeing $492 million in secondary-market trades at an average spread of 89 basis points. In bond-market terms, that tightening suggests investors were willing to accept a lower yield premium to buy the debt.
Meanwhile, GOOGL shares dropped nearly 1% on Friday, closing at $368.53.
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