Alphabet has mandated HSBC and J.P. Morgan as joint global coordinators for a potential dual-currency offering of fixed-rate senior unsecured notes in Hong Kong and Singapore dollars, according to a term sheet seen by Reuters on 11 November. The offerings would mark Alphabet’s first bond issues in either currency, the term sheet showed.
The Hong Kong dollar tranche could comprise 2-year, 5-year and 10-year notes, subject to market conditions, Reuters reported. By our arithmetic, the longest of those, 10 years, is 9 years shorter than the 19-year euro notes Alphabet sold on 2 November, about half their length.
Business Pill · Financial Conditions
An evergreen Business Engineer explainer on financial conditions: how easy or hard it is for companies to raise money. It explains the general idea only and does not discuss Alphabet or this bond plan.
The key insight: Alphabet has mandated HSBC and J.P. Morgan as joint global coordinators for what would be its first Hong Kong and Singapore dollar bonds, with Hong Kong dollar tenors of 2, 5 and 10 years, according to a term sheet seen by Reuters. By our arithmetic, the 10-year tenor is 9 years shorter than the 19-year euro notes Alphabet sold on 2 November.
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, according to the term sheet as Reuters reported it. Those are the same ratings as on the euro notes priced on 2 November. The Standard in Hong Kong carried the Reuters report.
Reuters did not report a size, a pricing date or tenors for the Singapore dollar tranche. On 9 November, Bloomberg reported that Alphabet was weighing Hong Kong and Singapore dollar bonds, citing people familiar with the matter. It put the plan at the equivalent of $1 billion to $1.5 billion in Hong Kong dollars and around $1.5 billion in Singapore dollars, with proceeds for general corporate purposes.
Alphabet had not filed terms for the notes with the SEC when we checked its EDGAR filings at about 07:10 UTC on 11 November. Its latest prospectus supplement, filed on 4 November, covers the euro notes.
Planned Hong Kong dollar tenors from the term sheet, as Reuters reported it, against Alphabet’s November euro notes. Euro years to maturity are our arithmetic.
How It Compares With the Euro Notes
Alphabet’s €6 billion euro sale ran from a 2-year floating rate note to the 5.250% notes due 2045. By our arithmetic from the maturity dates, its seven series mature 2, 2, 4, 6, 9, 13 and 19 years after the 2026 issue. Two of the three planned Hong Kong dollar tenors, 2 and 5 years, are shorter than the 6-year euro note due 2032.
On the 2045 euro notes, Alphabet pays 185 basis points over mid-swaps, against 125 basis points on the 2045 notes it sold in May. The term sheet as Reuters reported it gives no pricing for the Asian notes.
Reuters reported Alphabet’s earlier Asia-Pacific deals this year as $3.6 billion in yen in May and $3.89 billion in Australian dollars in August. By our sum, that is $7.49 billion. Adding the $2.5 billion to $3 billion Bloomberg reported for the new plan gives about $10.0 billion to $10.5 billion, if the deal is sized as reported. Alphabet raised $147.2 billion from issuing debt, common stock and preferred stock in the first nine months of 2026, by our earlier sum of its cash flow statement.
The Structural Read
As we read it, a mandate with named tenors moves the plan Bloomberg reported on 9 November from talks to a documented deal structure, while the size, pricing and timing are still open.
Reuters, citing the term sheet, 11 November 2026
“subject to market conditions”
Three Implications
FOR THE DEAL Reuters reported no size, pricing or launch date; Bloomberg put the plan at $2.5 billion to $3 billion by our sum of its reported ranges.
FOR ALPHABET’S FUNDING MIX By our sum of reported sizes, its Asia-Pacific currency sales this year would reach about $10.0 billion to $10.5 billion if the deal is sized as Bloomberg reported.
FOR COMPARISON The notes are expected to carry Aa2 and AA+ ratings, the same as on the euro notes priced on 2 November, according to the term sheet as Reuters reported it.
What Is Not Established
The term sheet, as Reuters reported it, gives no amount, no pricing, no launch date and no Singapore dollar tenors, and calls the offering potential. Alphabet had not filed terms with the SEC when we checked. The $10.0 billion to $10.5 billion figure is our sum of reported sizes and holds only if the deal is sized as Bloomberg reported.
This Week In The AI Supercycle
The Great Convergence of Capital, Power, and Geopolitics
This week’s issue: for two years the AI build-out was priced as a supply story, and last week as a credit story. This week it was priced as a permission story, and the answer arrived as a cost, not a ban.
Alphabet has mandated HSBC and J.P. Morgan for what would be its first Hong Kong and Singapore dollar bonds, with Hong Kong dollar tenors of 2, 5 and 10 years, according to a term sheet seen by Reuters. By our arithmetic, the 10-year tenor is about half the 19 years of Alphabet’s longest November euro notes.
A note on sourcing. The bank mandate, ratings and tenors come from a term sheet as Reuters reported it on 11 November 2026; deal sizes are as Bloomberg reported on 9 November; euro terms come from Alphabet’s SEC filings. The 9-year gap, the tenors in years and the $7.49 billion and $10.0 billion to $10.5 billion sums are our arithmetic.
Gennaro Cuofano is a CRO and tech executive who has worked in AI since late 2015, starting with bringing NLP, natural-language generation, voice and chatbot products to the marketing industry. His background is in law and finance: he holds a Master's degree in Law and an International MBA with an emphasis on corporate finance (LUISS Business School and the University of San Diego, 2012), and worked as a financial analyst at a real-estate investment firm in San Diego and as an assistant controller. His work focuses on business model strategy, business engineering and, more broadly, structural analysis: how companies make money, read from their own filings. He created FourWeekMBA and leads research there and at The Business Engineer, his newsletter on AI and business strategy, with over 95,000 subscribers and more than 1,000 published analyses. His writing has also appeared on Entrepreneur (for example, How to Digitize a Family Business in Europe) and HackerNoon. Find him on LinkedIn and Substack. See how we source.
