Alphabet plans to issue yen-denominated bonds in the near future, according to a recent SEC filing, complementing its existing CAD 8.5 billion and €9 billion issuances in May.
Dated 11 May, the preliminary prospectus document lays out the company’s plans to issue five sets of securities in Japanese yen. They will be issued in minimum denominations of JPY 100 million, and in multiples of JPY 10 million.
Proceeds are expected to be used for general corporate purposes, potentially including the repayment of outstanding debt.
The notes are underwritten by Mizuho Securuties, Merrill Lynch and Morgan Stanley, and will be cleared through Clearstream or Euroclear.
The notes will rank equally with Alphabet’s existing senior unsecured and unsubordinated indebtedness, but will be structurally subordinated to the debt and other liabilities of subsidiaries including Google.
If the yen becomes unstable or is unavailable to the company, payments may be made in US dollars.
Earlier this month, Alphabet issued a total of €9 billion across six tranches, and CAD 8.5 billion across four tranches. Proceeds from these notes are also expected to be used for general corporate purposes.
Last May, Alphabet was the most prolific corporate issuer with a combined US$5 billion and €6.75 billion globally.
READ MORE: Alphabet tops issuer league table in May
As of December 2025, hyperscaler issuance was at approximately US$121 billion according to BNY Mellon. Last year, Bank of America analysts predicted that the trend would continue into 2026 with levels remaining high.
READ MORE: BofA: deluge of hyperscaler issuance steady at US$100bn in 2026
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