Alphabet has been in recent conversations with banks and investors about a possible local currency debt sale in Hong Kong and Singapore, with the timing discussed as early as this month, according to people familiar with the matter. It would be the company's debut in both currencies, and the terms are still fluid.
Asked for comment, the company said it does not comment on market speculation.
The proposed issues would serve as a check on demand in Asia after global markets sold off around AI exposed names. With the US midterm elections resulting in more seats for Democrats, investors are contemplating tougher oversight of AI-related efforts; meanwhile, borrowing costs are elevated because credit spreads for some technology borrowers have widened.
Alphabet plans to direct proceeds from any Hong Kong and Singapore sales to general corporate purposes. As it ramps up AI investment, the company has expanded its funding reach - after an August debut in Australian dollars, it has this year sold debt in Japanese yen and in Swiss francs, British pounds and Canadian dollars.
A week ago, Alphabet sold a multi part euro bond totaling €6 billion, or $6.7 billion - its second outing in that currency this year. It accepted notably higher interest expense compared with its first euro transaction in May, amid mounting worries about the pace of AI spending.
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Details on size, pricing and timing can still change, but the direction is clear. Hyperscalers including Alphabet, Microsoft, Amazon and Meta are accessing a wider array of markets as they pledge many tens of billions of dollars for AI, and the scramble to finance that buildout has lifted yields across global debt. If this Asia deal proceeds, watch where spreads land versus recent euro and Australian prints for a read on risk appetite, and whether the company meets its targeted amounts in Hong Kong and Singapore currencies.
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