Bloomberg Intelligence Alphabet Looks to Raise About $15 Billion From US Bond Sale
Feb 9, 2026
Rob Schiffman, senior tech credit analyst, breaks down Alphabet’s ~$15B U.S. bond sale and why tech borrowers keep issuing long-term debt. Sam Fazeli, pharma research director, covers big biotech deals, circular RNA moves and patent fights over obesity drugs. Scott Levine, energy services analyst, explains the Transocean-Valaris all-stock deal and offshore drilling dynamics. Drew Reading, U.S. homebuilding analyst, discusses potential antitrust scrutiny and mortgage-driven demand constraints.
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Bond Investors Still Favour Big Tech
- Big tech issues bonds because investors keep buying them at tight spreads despite rising leverage.
- Rob Schiffman says bond markets view these companies as low-risk and demand remains insatiable.
Issuance Driven By Cheap Capital, Not Necessity
- Alphabet and peers issue debt not from need but because markets offer cheap, ample capital.
- S&P says Alphabet still has roughly $180 billion additional debt capacity at AA+.
Why 100-Year Bonds Aren't As Risky As They Sound
- A 100-year bond's duration resembles a 30–40 year bond, so credit risk isn't drastically different.
- Schiffman argues long-dated issuance looks extreme but is economically similar to long maturities already used.