Alphabet Expands Global Borrowing With First Sterling and Swiss Franc Bonds, Including Rare 100-Year Issue

New York | February 2026

Alphabet, Google's parent company, has broadened its global borrowing strategy by launching its first-ever bonds denominated in British pounds and Swiss francs, including an exceptionally rare 100-year bond. This move highlights the growing appetite among major technology firms for long-term financing to support massive AI investments.

According to informed sources, Alphabet plans to issue five tranches of sterling-denominated bonds and five tranches in Swiss francs, with pricing set for later today. The sterling notes will mature between 3 and 32 years, plus the ultra-long 100-year bond - the first of its kind for a tech company since the dot-com era. The Swiss franc bonds will mature in 3, 6, 10, 15, and 25 years, underscoring Alphabet's push to diversify funding and tap into Europe's stable debt markets.

This move comes just one day after Alphabet successfully raised $20 billion from a seven-tranche US dollar bond sale, surpassing initial expectations of $15 billion and attracting over $100 billion in orders - one of the largest corporate debt deals ever. The dollar bonds performed strongly in secondary markets, boosting confidence in Alphabet’s ability to market its European issues amid robust institutional demand.

Market Context

This transaction is among the largest non-financial corporate bond deals in Europe, surpassing the previous sterling record set by National Grid in 2016 and following major Swiss franc deals led by global companies in recent years. The ultra-long 100-year bond appeals to UK pension funds and insurers seeking long-duration returns, though such corporate issues are rare due to business model and technology risks.

Capex and AI Investment

Alphabet’s borrowing spree comes as it projects capital expenditures could reach $185 billion in 2026 - double last year’s figure - to fund rapid expansion in AI infrastructure, data centers, and cloud computing. This aligns with broader tech trends, as firms like Microsoft and Meta have also announced record spending, and analysts expect major cloud providers to borrow up to $400 billion this year.

EcoPulse24 Analysis

Alphabet’s strategy signals strong confidence in its ability to generate long-term cash flows, allowing it to commit to century-long debt - a significant bet in a fast-evolving, highly competitive sector. However, such large-scale borrowing raises questions about future bond valuations, especially if heavy AI spending does not deliver the expected sustained profit growth. While long-term financing offers Alphabet strategic flexibility, its success hinges on turning AI investments from a spending race into clear profit drivers in the coming years.