Alphabet plans first Hong Kong and Singapore dollar bond sales
Alphabet, Google's parent, is planning its inaugural bond offerings in Hong Kong and Singapore dollars, according to a term sheet seen by Reuters. HSBC and J.P. Morgan have been mandated as joint global coordinators for the potential dual-currency issue of fixed-rate senior unsecured notes.
Alphabet, the parent company of Google, is planning its inaugural bond offerings in Hong Kong and Singapore dollars, according to a term sheet seen by Reuters on Wednesday, as the technology giant expands its presence in Asian debt markets.
HSBC (0005) and J.P. Morgan have been mandated as joint global coordinators for a potential dual-currency offering of fixed-rate senior unsecured notes denominated in Hong Kong and Singapore dollars, the term sheet showed. The proposed notes, if issued, are expected to be rated "Aa2" by Moody's and "AA+" by S&P, in line with Alphabet's issuer ratings.
The Hong Kong dollar tranche could comprise 2-year, 5-year and 10-year senior unsecured fixed-rate notes, subject to market conditions. The offerings would mark Alphabet's first bond issues in Hong Kong and Singapore dollars, according to the term sheet.
Alphabet, whose businesses include Google Search, YouTube, Android, Chrome and Google Cloud, is one of the world's highest-rated corporate borrowers and a regular issuer in the US dollar bond market. The move into Hong Kong and Singapore dollar debt markets signals a broadening of its funding sources in Asia.