Story perspectives

Alphabet launches first yen bond to fund AI infrastructure

5/11/2026

Summary

Alphabet Issues Yen Bond

Alphabet Inc. is preparing its first yen-denominated bond to fund AI infrastructure projects.
Mizuho, Bank of America and Morgan Stanley are arranging the bond, which is expected to raise several hundred billion yen.
The yen issue follows Alphabet’s €9 billion and C$8.5 billion offerings that together raised nearly $17 billion.
Alphabet lifted its 2026 capex forecast to $180-$190 billion, bringing total debt above $100 billion as it pursues a $32 billion multi-currency financing plan.

Summary

Amazon Debuts Swiss

Amazon announced a debut Swiss franc bond offering in six parts with maturities from three to 25 years.
Alphabet and Amazon are tapping yen and Swiss franc markets to diversify funding and expand global financing.
Neither firm disclosed issue size, which Art Hogan of B. Riley Wealth said reflects strong credit that lets them raise debt globally and gain a competitive edge.

History

Historical Context

The eurobond market began in 1963 when Italy’s Autostrade sold 60,000 $250 bearer bonds to avoid the U.S. interest-equalization tax. Building on that model, Microsoft issued a €1.5 billion eurobond in 1999, the first major U.S. tech debt outside dollars, a strategy now copied by Alphabet and Amazon amid growing EU calls for joint Eurobonds driven by geopolitical tensions.

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Alphabet Issues Yen Bond

Alphabet Inc. is preparing its first yen-denominated bond to fund AI infrastructure projects.
Mizuho, Bank of America and Morgan Stanley are arranging the bond, which is expected to raise several hundred billion yen.
The yen issue follows Alphabet’s €9 billion and C$8.5 billion offerings that together raised nearly $17 billion.
Alphabet lifted its 2026 capex forecast to $180-$190 billion, bringing total debt above $100 billion as it pursues a $32 billion multi-currency financing plan.

1 / 3