New Issue Commentary — ALPHABET INC.
Dealer commentary on this issuer’s latest new issue, summarised.
ALPHABET INC. (GOOGL, rated Aa2/Stable by Moody's and AA+/Stable by S&P) has announced mandates for a potential inaugural dualcurrency HKD and SGD offering of fixedrate senior unsecured notes, in Reg Sonly (Category 2 Registered) format, subject to market conditions. The HKD component may include 2yr, 5yr and 10yr tranches, and the SGD component may include 2yr, 5yr, 10yr and 30yr tranches. The notes, if issued, are expected to be rated Aa2 by Moody's and AA+ by S&P. These items are at mandate stage only, with no pricing, coupon, size, maturity, guidance or demand color reported in the commentary. Market color is therefore limited to the mandate announcements themselves.
| Tranche | Tenor | Coupon | Ccy | Size | Rank | Maturity |
|---|---|---|---|---|---|---|
| Inaugural HKD-denominated senior unsecured fixed-rate notes, 2-year tranche | 2yr | HKD | Senior Unsecured | |||
| Inaugural HKD-denominated senior unsecured fixed-rate notes, 5-year tranche | 5yr | HKD | Senior Unsecured | |||
| Inaugural HKD-denominated senior unsecured fixed-rate notes, 10-year tranche | 10yr | HKD | Senior Unsecured | |||
| Inaugural SGD-denominated senior unsecured fixed-rate notes, 2-year tranche | 2yr | SGD | Senior Unsecured | |||
| Inaugural SGD-denominated senior unsecured fixed-rate notes, 5-year tranche | 5yr | SGD | Senior Unsecured | |||
| Inaugural SGD-denominated senior unsecured fixed-rate notes, 10-year tranche | 10yr | SGD | Senior Unsecured | |||
| Inaugural SGD-denominated senior unsecured fixed-rate notes, 30-year tranche | 30yr | SGD | Senior Unsecured |