Catenaa, February 9, 2026 – Alphabet has mandated banks for a rare 100-year bond in sterling. The move highlights renewed interest in ultra-long corporate debt.
The Google parent is exploring the century bond alongside a broader funding push. Earlier this week, Alphabet launched a $15 billion multi-tranche US dollar bond sale, Bloomberg reported. The deal reflects strong issuer confidence in credit markets.
Century bonds remain extremely rare in the UK corporate market. Issuance slowed sharply after inflation surged and interest rates climbed. Volatility reduced demand for long-dated fixed-income securities.
Market conditions have improved. Long-term yields have stabilised as investors expect central banks to slow their tightening pace. This situation has reopened opportunities for ultra-long borrowing.
Alphabet’s balance sheet supports such issuance. The company reported $126.8 billion in cash and marketable securities at the end of 2025. Long-term debt stood at $46.5 billion, according to company filings. These figures place Alphabet among the strongest borrowers globally.
The funding aligns with heavy investment plans. Alphabet expects to spend up to $185 billion in 2026, mainly on data centers, cloud services, and AI infrastructure. Long-dated bonds help match funding with long-lived assets.
Demand for high-grade debt remains robust. Oracle raised $25 billion in a recent bond sale after drawing $129 billion in orders, setting a US corporate record, according to Bloomberg data.
Ultra-long bonds appeal to pension funds and insurers. These investors seek predictable cash flows over the long term. However, duration risk remains high if yields rise again.
Sterling corporate bonds typically mature in about 13 years, according to Bank of England data. A 100-year bond would sit far outside market norms.
The timing and size of Alphabet’s sterling deal remain undecided. Still, the mandate signals confidence in investor appetite for ultra-long sterling credit.
