Alphabet Plans Multi-Currency Debt Sale in HK, Singapore

Key Moments

Alphabet is seeking to raise about $3 billion equivalent via its first bond offerings in Hong Kong and Singapore dollars, according to people familiar with the deal.
Indicative minimum sizes are HK$8 billion ($1 billion) for the Hong Kong dollar tranche and S$1.5 billion ($1.2 billion) for the Singapore dollar tranche, with overall proceeds expected to be at least $2.2 billion.
The potential transaction follows substantial borrowing by Alphabet this year across U.S. dollars, euros, foreign currencies and Australian dollars to fund data center and AI infrastructure investment.

Planned Bond Offering in Hong Kong and Singapore

Alphabet is preparing its first bond issues denominated in Hong Kong and Singapore dollars, with a targeted total raise of around $3 billion equivalent, two people with knowledge of the transaction said. The issuance is intended to gauge investor appetite in Asia following an AI-driven downturn in global markets earlier this month.

One of the people said the combined offerings are expected to raise at least $2.2 billion. Alphabet is considering a minimum deal size of HK$8 billion ($1 billion) for the Hong Kong dollar component and S$1.5 billion ($1.2 billion) for the Singapore dollar component, this person added.

The ultimate size, launch timing and pricing terms have not yet been determined, according to the same person. Both people requested anonymity because the information is private.

Deal Structure and Bank Syndicate

Alphabet has appointed HSBC and JPMorgan as joint global coordinators for the transaction, based on a term sheet reviewed by Reuters earlier on Wednesday.

For the Hong Kong dollar tranche, Bank of China (Hong Kong), ICBC (Asia) and Standard Chartered are also involved, the term sheet showed. On the Singapore dollar side, DBS, OCBC and UOB are taking roles on the transaction.

According to the term sheet, the Hong Kong dollar bonds may be issued with maturities of two, five and 10 years. The Singapore dollar bonds may include two-, five-, 10- and 30-year tenors.

Alphabet did not immediately respond to a request for comment.

Funding Strategy and Recent Borrowing Activity

The contemplated Hong Kong and Singapore dollar deal would add to Alphabet’s funding activity this year as the company ramps up capital expenditure on data centers and other AI-related computing infrastructure.

In a filing dated October 29, Alphabet disclosed that in the nine months through the end of September it had issued $45 billion of U.S. dollar-denominated notes and $35.8 billion of notes in foreign currencies for general corporate purposes.

Alphabet recently completed a 6 billion euro ($6.7 billion) euro-denominated bond sale last week. The company also placed $25 billion of U.S. dollar bonds in August and A$5.5 billion ($3.8 billion) in Australian dollar bonds during the same month.

Technology Issuers in the Debt Markets

Other major technology companies have also been active in bond markets. Last week, Meta completed a $15 billion U.S. bond sale, while Oracle raised $10 billion through a bond offering.

Key Transaction and FX Reference Data

Issuer / Currency	Detail	Amount / Rate
Planned Hong Kong dollar tranche	Indicative minimum size	HK$8 billion ($1 billion)
Planned Singapore dollar tranche	Indicative minimum size	S$1.5 billion ($1.2 billion)
Expected total raise	At least	$2.2 billion
Alphabet notes (9 months to end-September)	U.S. dollar-denominated	$45 billion
Alphabet notes (9 months to end-September)	Foreign currency	$35.8 billion
Recent Alphabet euro bond sale	Euro-denominated	6 billion euros ($6.7 billion)
Recent Alphabet U.S. dollar bond sale	August	$25 billion
Recent Alphabet Australian dollar bond sale	August	A$5.5 billion ($3.8 billion)
FX Reference	Currency Pair	Rate
USD/HKD	$1 =	7.8459 Hong Kong dollars
USD/SGD	$1 =	1.2816 Singapore dollars
USD/EUR	$1 =	0.8957 euros
USD/AUD	$1 =	1.4541 Australian dollars