Alphabet, the Silicon Valley giant behind Google and Gemini, has stormed the bond market with a $5.5 billion issuance, easily the largest local corporate debt raising, as part of a cash grab to fund its attempt to compete with artificial intelligence heavyweights like OpenAI and Anthropic.
The issuance, known as a Kangaroo bond, is the first time Alphabet has used the local market and comes amid intense interest from investors for exposure to AI and so-called hyperscalers, the name given to big digital infrastructure companies like Amazon and Meta which are spending a lot of money to expand their cloud computing and data centre capacities.
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