Alphabet Taps Global Market in $11 Billion Sterling, Franc Bond Sales

Watch on YouTube ↗  |  February 10, 2026 at 15:12  |  3:50  |  Bloomberg Markets
Speakers
Tasos Vossos — Reporter, Bloomberg Television

Summary

Alphabet sold over $11 billion of sterling and Swiss franc bonds, including a rare 100-year sterling note, drawing around £30 billion of demand. The segment discusses why UK insurers and pension funds create structural demand for long-dated sterling credit, and why Europe is becoming a key funding destination for US hyperscalers. It also highlights how heavy US corporate issuance in Europe is merging US and European credit markets.

  • Alphabet's sterling and Swiss franc bond sale was heavily oversubscribed.
  • The offering included a rare 100-year sterling bond.
  • UK insurers and pension funds drive demand for long-dated sterling credit.
  • European investment-grade funds have seen 32 weeks of inflows and are flush with cash.
  • Hyperscaler capex needs exceed the European domestic debt market's supply.
  • Europe is becoming a larger funding destination for US hyperscalers.
  • US and European credit markets are becoming more merged.
  • European credit managers may face both US and European cycles.
Ideas
Tasos Vossos Reporter, Bloomberg Television 1:12
UK insurers need long-dated sterling bonds.
The sterling debt market is uniquely suited to very long-dated issuance because UK insurance providers and pension funds have very long-dated liabilities and need long-dated bonds to match them. This creates structural demand for sterling issues longer than 10 years, including Alphabet's 100-year bond.
Sterling long-dated corporate bonds MED
Tasos Vossos Reporter, Bloomberg Television 1:30
Alphabet’s 100-year sterling bond demand blockbuster.
Alphabet’s sterling bond sale, including a rare 100-year bond, was a blockbuster with around £30 billion of demand, the kind never seen in the sterling market. Strong uptake from UK insurers and pension funds with very long-dated liabilities shows Alphabet’s ultra-long credit can access new European funding markets and is very well supported.
Alphabet 100-year sterling bond HIGH
Tasos Vossos Reporter, Bloomberg Television 2:04
Hyperscaler bonds in Europe well-received.
Europe is becoming an increasing destination to finance US hyperscaler needs. Hyperscaler capex requirements are well beyond what the entire European domestic debt market can supply, while European investors are ready and willing to buy, so hyperscaler issuance into Europe should be well-received.
US hyperscaler bonds HIGH
Tasos Vossos Reporter, Bloomberg Television 2:07
European IG credit flush with cash.
European investment-grade credit has a powerful technical backdrop: 32 consecutive weeks of inflows into investment-grade funds, investment managers are flush with cash, and they want more supply. With domestic supply scarce, new issuance, including from US hyperscalers, should be well absorbed and support spreads.
European investment-grade credit HIGH
Tasos Vossos Reporter, Bloomberg Television 3:01
US, European credit markets now merging.
Heavy issuance from US companies in Europe, especially hyperscalers, is merging US and European credit markets that were previously viewed as silos tied to their own economies. European credit managers will now have exposure to both the European and US cycles for the first time, a structural change worth monitoring.
European Credit LQD MED
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This Bloomberg Markets video, published February 10, 2026, features Tasos Vossos discussing Sterling long-dated corporate bonds, Alphabet 100-year sterling bond, US hyperscaler bonds, European investment-grade credit, European Credit, LQD. 5 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Tasos Vossos  · Tickers: Sterling long-dated corporate bonds, Alphabet 100-year sterling bond, US hyperscaler bonds, European investment-grade credit, European Credit, LQD