"In late April, Alphabet raised its 2026 capital-spending forecast by $5bn to between $180bn and $190bn, with another significant increase signalled for 2027. The capex behind the issuance is straightforward, and the multi-currency funding programme has been run aggressively through 2026 to finance an AI infrastructure build that has reached eye-watering scale."
Alphabet plans to issue yen-denominated bonds for the first time, with Mizuho, Bank of America, and Morgan Stanley mandated to run the books. Pricing is expected later this month, and the issuance is expected to total several hundred billion yen. The yen trade follows recent multi-currency funding activity, including a record Swiss franc debut in February, a multi-currency drive totaling roughly $32bn, and additional EUR and CAD issuance totaling about $17bn. The funding supports an aggressive multi-currency programme through 2026 aimed at financing large-scale AI infrastructure buildout. Alphabet has raised its 2026 capital-spending forecast to between $180bn and $190bn, with further increases signalled for 2027.
#alphabet #yen-denominated-bonds #multi-currency-funding #ai-infrastructure-capex #investment-banking-mandates
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