Alphabet has begun marketing its first bond offerings denominated in Hong Kong and Singapore dollars, as the Google parent seeks to tap Asian debt markets amid growing investor caution toward artificial intelligence-related companies, according to Bloomberg.

The company has set initial price guidance for its proposed two-year, five-year and 10-year Hong Kong dollar bonds at around 4.6%, 5% and 5.5%, respectively, according to a person familiar with the matter.

Alphabet is also marketing Singapore dollar-denominated notes with maturities of two, five, 10 and 30 years. Initial yield guidance is around 2.75%, 3.25%, 3.65% and 4%, respectively.

Proceeds from the offerings will be used for general corporate purposes, potentially including the repayment of existing debt. The bonds could be priced as early as Thursday, the person said.

The bond sale comes as technology companies face a more cautious funding environment. Investors have grown increasingly wary of AI-related assets following a broad market selloff last week, driven in part by concerns that a Democratic sweep in the US midterm elections could bring greater scrutiny of data center development and spending on AI infrastructure.