Alphabet Inc., the parent company of Google, was the largest corporate issuer in May 2025. It issued a combined US$5 billion and a combined €6.75 billion the 1 and 6 May that were more than 6 times oversubscribed.
On 1 May, the company closed a $5 billion offering of U.S. dollar‑denominated senior notes, split across four tranches ranging from a 4 % coupon for the 2030 maturity to a 5.3 % coupon for bonds maturing in 2065. The deal was underwritten by including Goldman Sachs, HSBC, J.P. Morgan, Morgan Stanley and Wells Fargo, all acting as lead underwriters and drawing strong investor demand.
A few days later, on 6 May, Alphabet raised €6.75 billion across five tranches. The maturities ranged from 2029 to 2054, with coupons spanning from 2.5 % up to 4.0 %. Underwriters once again included Goldman Sachs, HSBC and J.P. Morgan, alongside Barclays and Deutsche Bank, all coordinating another robust book building that saw orders far exceed the supply with the order book reaching more than €30 billion according to sources.
While Alphabet has not earmarked the proceeds for specific uses, the company stated that net proceeds will go towards general corporate purposes, including the potential repayment of outstanding debt. During the first quarter earning call on 24 April , Anat Ashkenazi, SVP and CFO, reiterated that: “[alphabet] still expect to invest approximately $75 billion in CapEx this year”. And that regarding expenses, “Given the increase in CapEx investments over the past few years, we expect the growth rate in depreciation to accelerate throughout 2025”.
The two transactions are the fourth major capital‑markets issuance since its 2015 reorganisation from Google to Alphabet, with legal advice provided by Cleary Gottlieb and Davis Polk on the deals.
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