New Issue: Alphabet sells $2 billion 1.998% 10-year senior notes at 68 bps over Treasuries

By Cristal Cody

Eureka Springs, Ark., Aug. 2 – Alphabet Inc. priced $2 billion of 1.998% 10-year senior notes at 97.919 to yield 2.231% on Tuesday, according to an FWP filing with the Securities and Exchange Commission.

The notes (Aa2/AA) sold with a spread of 68 basis points over Treasuries.

The bookrunners were J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, Goldman Sachs & Co. and Wells Fargo Securities LLC.

Proceeds will be used for general corporate purposes, including the repayment of outstanding commercial paper.

Mountain View, Calif.-based Alphabet is the holding company for Google and other subsidiaries.

Issuer:	Alphabet Inc.
Amount:	$2 billion
Description:	Senior notes
Maturity:	Aug. 15, 2026
Bookrunners:	J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, Goldman Sachs & Co., Wells Fargo Securities LLC
Co-managers:	Barclays, BNP Paribas Securities Corp., Deutsche Bank Securities Inc., HSBC Securities (USA) Inc., Lebenthal & Co. LLC, Loop Capital Markets LLC, Mischler Financial Group, Inc., Williams Capital Group, LP
Coupon:	1.998%
Price:	97.919
Yield:	2.231%
Spread:	Treasuries plus 68 bps
Trade date:	Aug. 2
Settlement date:	Aug. 9
Call feature:	Make-whole call at greater of par or Treasuries plus 12.5 bps before May 15, 2026, on or after May 15, 2026 callable at par
Ratings:	Moody’s: Aa2
	S&P: AA
Distribution:	SEC registered

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