New Issue Commentary — ALPHABET INC.
Dealer commentary on this issuer’s latest new issue, summarised.
ALPHABET INC. launched a 3part HKD benchmark offering and a 4part SGD benchmark offering on 20261112, both following its 20261111 mandate for an inaugural dualcurrency HKD and SGD program. The mandate named HSBC and J.P. Morgan as Joint Global Coordinators, with Bank of China (Hong Kong), ICBC (Asia) and Standard Chartered Bank as additional Joint Lead Managers for the HKD deal, and indicated expected ratings of Aa2 (Moody's) and AA+ (S&P). The notes are described as fixedrate senior unsecured. The available commentary does not provide tranche tenors, coupons, sizes, order book demand or final pricing for any of the seven tranches, so no demand or spread color can be reported beyond the launch announcements.
| Tranche | Tenor | Coupon | Ccy | Size | Rank | Maturity |
|---|---|---|---|---|---|---|
| HKD 3-Part Benchmark Offering - Tranche 1 of 3 | HKD | Senior Unsecured | ||||
| HKD 3-Part Benchmark Offering - Tranche 2 of 3 | HKD | Senior Unsecured | ||||
| HKD 3-Part Benchmark Offering - Tranche 3 of 3 | HKD | Senior Unsecured | ||||
| SGD 4-Part Benchmark Offering - Tranche 1 of 4 | SGD | Senior Unsecured | ||||
| SGD 4-Part Benchmark Offering - Tranche 2 of 4 | SGD | Senior Unsecured | ||||
| SGD 4-Part Benchmark Offering - Tranche 3 of 4 | SGD | Senior Unsecured | ||||
| SGD 4-Part Benchmark Offering - Tranche 4 of 4 | SGD | Senior Unsecured |