This article first appeared on GuruFocus.
Alphabet (GOOGL, Financials) sold 576.5 billion yen, or about $3.6 billion, in yen-denominated bonds, marking the largest such sale by a foreign company.
The deal is Alphabet’s first bond issue in Japan’s currency and comes as the Google parent expands its funding sources during a major investment cycle. The company has already issued debt in euros, sterling, Canadian dollars and Swiss francs.
Investor demand was strong, according to Mizuho Securities, one of the underwriters. The sale topped the previous record set by Berkshire Hathaway, which issued 430 billion yen in bonds in 2019.
Alphabet is raising funds as it plans as much as $190 billion in capital spending this year, largely tied to artificial intelligence infrastructure and data centers.
The bonds carry maturities from three years to 40 years, with coupons ranging from 1.965% to 4.599%.
For investors, the deal shows Alphabet is using global debt markets to support long-term AI growth while keeping its funding base broad.
