Alphabet Taps Hong Kong and Singapore Dollar Bond Markets for First Time, With HSBC and J.P. Morgan at the Helm
Published on 11/11/2026 at 16:11 | Editorial boerse-global.de
Alphabet is preparing to sell debt in Hong Kong dollars and Singapore dollars for the first time, a move that would widen the Google parent's funding base beyond the dollar and euro markets it has relied on to date. HSBC and J.P. Morgan have been mandated as joint global coordinators for the transaction, which Reuters reported would raise the equivalent of roughly $3 billion.
The proposed offering would consist of fixed-rate, senior unsecured notes in both currencies, according to media reports. The Hong Kong dollar portion could include securities with two- and five-year maturities, with ten-year paper also under consideration. The deal's structure remains subject to market conditions — meaning the targeted volume is a financing goal rather than money already in hand.
Euro Notes Already in the Bag
The Asian currency plans follow a completed euro-denominated placement. On November 5, Alphabet disclosed in a mandatory filing with the U.S. Securities and Exchange Commission the issuance of senior notes with an aggregate principal amount of EUR 6 billion. That financing was split into seven tranches, with maturities running from 2028 to 2045.
The contrast between the two operations is stark: the euro bonds are already placed, while the Hong Kong and Singapore dollar issues are still at the proposal stage and depend on how markets behave.
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Capital Spending Set to Climb Sharply
Chief financial officer Anat Ashkenazi, speaking alongside quarterly results published on October 28, said capital expenditure is expected to rise significantly through 2027. Her comments came as the company posted robust top-line growth.
Revenue for the third quarter of 2026 climbed 25% year on year to $127.6 billion. Google Cloud was the standout performer, with sales surging 103% to $30.7 billion.
The infrastructure buildout behind those numbers is moving on several fronts. On November 6, Google acquired a data center site in southeastern Wyoming from Crusoe, according to the seller; financial terms were not disclosed. A day earlier, Alphabet had announced a $17 billion investment in the project.
Chips, Partnerships and a Health Care Push
On the hardware side, Google on Monday expanded access to its own TPU chips for handling sensitive data and large-scale AI workloads. Nearly 100 customers now use the TPUs, according to the company.
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Adobe and Google, meanwhile, unveiled an expanded partnership. Adobe tools are to be integrated into Google Workspace, Gemini and the AI mode of Google Search, while Google's AI models will be embedded in Adobe applications including Acrobat, Firefly and Photoshop. Neither company disclosed the financial terms of the arrangement.
Google Cloud also introduced a preview version of Gemini for health care. The AI platform, per the company, links clinical and administrative workflows with controlled access to each organization's data, and is aimed at health care providers.
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