According to sources, the parent company of Google, Alphabet, is planning to raise up to $25 billion through a new U.S. investment-grade bond issuance. This transaction will test investor appetite following the July sell-off in AI-related bonds. The sources noted that the final issuance size has not yet been determined. They requested anonymity as they are not authorized to speak publicly about the matter.

Alphabet, which also owns YouTube, intends to issue up to 10 tranches of bonds with maturities ranging from two to 40 years. The initial price guidance for the longest-dated bonds is set at approximately 1.55 percentage points above the yield on comparable U.S. Treasuries.