Alphabet raises A$5.5bn in Australia, more than doubling a record Apple set in 2015

Alphabet priced its first Australian dollar bond on Wednesday at A$5.5bn, about US$3.9bn, roughly 10% more than the market had pencilled in when the deal was trailed at the start of the week. It is the largest corporate bond sale ever done in the Australian market.

The company hired banks on Monday for a four-tranche transaction sized at around A$5bn. Demand ran ahead of that, and Alphabet took the extra half a billion.

The previous record was Apple’s A$2.25bn in 2015, which was also the last time a major American technology company issued in Australian dollars at all. Alphabet has more than doubled it after a decade in which nobody tried.

The deal ran to four tranches at three, five, 10, and 20 years, with the two shorter maturities offered in fixed and floating form. The 20-year carries a 6.9% coupon according to the term sheet, and ANZ, Deutsche Bank,...

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