Alphabet takes its AI debt spree Down Under with a first Australian dollar bond
Alphabet is preparing to sell its first bond denominated in Australian dollars, a modest-sounding piece of financial housekeeping that says a good deal about how the AI build-out is now being paid for.
According to bookrunner messages reported by Reuters, the Google parent has hired ANZ, Deutsche Bank, RBC Capital Markets, and TD Securities to arrange an inaugural “Kangaroo” deal, the market’s shorthand for a foreign borrower issuing in Aussie dollars.
The structure is unshowy but telling. Alphabet is weighing four tranches, at three, five, ten, and twenty years, with the shorter two offered as either fixed or floating and the longer pair fixed only.
That is the maturity spread of a borrower planning to be a repeat visitor rather than a one-off tourist, laddering its debts so that not everything comes due at once. Pricing guidance could land as early as Tuesday, with the deal itself following a day...
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