Alphabet Inc (GOOGL)

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Alphabet Inc (GOOGL)

C/P	Industry	Status	Ticker(s)	Issuer(s)	Size(m)		Tranches	Region	Date
IGC	COMM	PRCD	GOOGL	Alphabet Inc	€6,000		7	USOA	Nov 2, 2026

Tranche #1Alphabet Inc

currency

EUR

size (m)

750.000

maturity

Nov 5, 2028

type

Floating

tenor

2.000

call

registration

SEC Registered

benchmark

3mEu

ranking

Sr. Unsecured

moody's

Aa2

s&p

AA+

fitch

size description

Maximum

re-open/tap

ipt

3mEu+70 area

ipt-pxd

-20

guidance

spread

coupon

3mEu+50

spread set

price

100.00000

yield

book size (m)

1,400

peak book (m)

1,400

x-covered

1.87

book attrition

0.00%

nic

billing & delivering

active leads

joint leads

passive leads

co-managers

coordinating managers

book size (m)

1,400

peak book (m)

1,400

x-covered

1.87

book attrition

0.00%

nic

billing & delivering

active leads

joint leads

passive leads

co-managers

coordinating managers

Tranche #2Alphabet Inc

currency

EUR

size (m)

750.000

maturity

Nov 5, 2028

type

Fixed

tenor

2.000

call

registration

SEC Registered

benchmark

Swaps

ranking

Sr. Unsecured

moody's

Aa2

s&p

AA+

fitch

size description

Maximum

re-open/tap

ipt

MS+60 area

ipt-pxd

-20

guidance

spread

coupon

3.70%

spread set

price

99.91530

yield

3.745%

book size (m)

1,600

peak book (m)

1,600

x-covered

2.13

book attrition

0.00%

nic

billing & delivering

active leads

joint leads

passive leads

co-managers

coordinating managers

book size (m)

1,600

peak book (m)

1,600

x-covered

2.13

book attrition

0.00%

nic

billing & delivering

active leads

joint leads

passive leads

co-managers

coordinating managers

Tranche #3Alphabet Inc

currency

EUR

size (m)

1,250.000

maturity

Nov 5, 2030

type

Fixed

tenor

4.000

call

registration

SEC Registered

benchmark

Swaps

ranking

Sr. Unsecured

moody's

Aa2

s&p

AA+

fitch

size description

Maximum

re-open/tap

ipt

MS+90 area

ipt-pxd

-20

guidance

spread

coupon

4.05%

spread set

price

99.97540

yield

4.057%

book size (m)

3,300

peak book (m)

3,300

x-covered

2.64

book attrition

0.00%

nic

billing & delivering

active leads

joint leads

passive leads

co-managers

coordinating managers

book size (m)

3,300

peak book (m)

3,300

x-covered

2.64

book attrition

0.00%

nic

billing & delivering

active leads

joint leads

passive leads

co-managers

coordinating managers

Tranche #4Alphabet Inc

currency

EUR

size (m)

750.000

maturity

Nov 5, 2032

type

Fixed

tenor

6.000

call

registration

SEC Registered

benchmark

Swaps

ranking

Sr. Unsecured

moody's

Aa2

s&p

AA+

fitch

size description

Maximum

re-open/tap

ipt

MS+110-115

ipt-pxd

-22.5

guidance

spread

coupon

4.25%

spread set

price

99.99540

yield

4.251%

book size (m)

2,200

peak book (m)

2,500

x-covered

2.93

book attrition

-12.00%

nic

billing & delivering

active leads

joint leads

passive leads

co-managers

coordinating managers

book size (m)

2,200

peak book (m)

2,500

x-covered

2.93

book attrition

-12.00%

nic

billing & delivering

active leads

joint leads

passive leads

co-managers

coordinating managers

Tranche #5Alphabet Inc

currency

EUR

size (m)

750.000

maturity

Nov 5, 2035

type

Fixed

tenor

9.000

call

registration

SEC Registered

benchmark

Swaps

ranking

Sr. Unsecured

moody's

Aa2

s&p

AA+

fitch

size description

Maximum

re-open/tap

ipt

MS+135-140

ipt-pxd

-22.5

guidance

spread

115

coupon

4.50%

spread set

price

99.74640

yield

4.535%

book size (m)

2,200

peak book (m)

2,600

x-covered

2.93

book attrition

-15.38%

nic

billing & delivering

active leads

joint leads

passive leads

co-managers

coordinating managers

book size (m)

2,200

peak book (m)

2,600

x-covered

2.93

book attrition

-15.38%

nic

billing & delivering

active leads

joint leads

passive leads

co-managers

coordinating managers

Tranche #6Alphabet Inc

currency

EUR

size (m)

750.000

maturity

Nov 5, 2039

type

Fixed

tenor

13.000

call

registration

SEC Registered

benchmark

Swaps

ranking

Sr. Unsecured

moody's

Aa2

s&p

AA+

fitch

size description

Maximum

re-open/tap

ipt

MS+165-170

ipt-pxd

-22.5

guidance

spread

145

coupon

4.875%

spread set

price

99.82040

yield

4.894%

book size (m)

1,800

peak book (m)

2,600

x-covered

2.4

book attrition

-30.77%

nic

billing & delivering

active leads

joint leads

passive leads

co-managers

coordinating managers

book size (m)

1,800

peak book (m)

2,600

x-covered

2.4

book attrition

-30.77%

nic

billing & delivering

active leads

joint leads

passive leads

co-managers

coordinating managers

Tranche #7Alphabet Inc

currency

EUR

size (m)

1,000.000

maturity

Nov 5, 2045

type

Fixed

tenor

19.000

call

registration

SEC Registered

benchmark

Swaps

ranking

Sr. Unsecured

moody's

Aa2

s&p

AA+

fitch

size description

Maximum

re-open/tap

ipt

MS+205-210

ipt-pxd

-22.5

guidance

spread

185

coupon

5.25%

spread set

price

99.57550

yield

5.286%

book size (m)

3,600

peak book (m)

3,600

x-covered

3.6

book attrition

0.00%

nic

billing & delivering

active leads

joint leads

passive leads

co-managers

coordinating managers

book size (m)

3,600

peak book (m)

3,600

x-covered

3.6

book attrition

0.00%

nic

billing & delivering

active leads

joint leads

passive leads

co-managers

coordinating managers

Tranche Comments

Book size: 1400; Registration: SEC Registered; Comments: LEI: 5493006MHB84DD0ZWV18; Book size: 1600; Registration: SEC Registered; Comments: BKO 2028 2.7% 09/13/28+71.1bps99.39 PriceHR 107%. MWC: B+15. LEI: 5493006MHB84DD0ZWV18; Book size: 3300; Registration: SEC Registered; Comments: OBL 2030 2.2% 10/10/30+96.4bps96.74 PriceHR 101%. MWC: B+15. LEI: 5493006MHB84DD0ZWV18; Book size: 2200; Registration: SEC Registered; Comments: DBR 2032 1.7% 08/15/32+112.0bps92.54 PriceHR 104%. MWC: B+20. LEI: 5493006MHB84DD0ZWV18; Book size: 2200; Registration: SEC Registered; Comments: DBR 2035 2.6% 08/15/35+127.6bps95.03 PriceHR 99%. MWC: B+20. LEI: 5493006MHB84DD0ZWV18; Book size: 1800; Registration: SEC Registered; Comments: DBR 2038 1% 05/15/38+146.0bps77.15 PriceHR 117%. MWC: B+25. LEI: 5493006MHB84DD0ZWV18; Book size: 3600; Registration: SEC Registered; Comments: DBR 2044 2.5% 07/04/44+166.8bps85.58 PriceHR 100%. MWC: B+25. LEI: 5493006MHB84DD0ZWV18;

Use of Proceeds

Alphabet Inc. intends to use the net proceeds from these sales for general corporate purposes, which may include the repayment of outstanding debt

Relative Value

2yr (Nov 2028) @ 3mE+70a
Implied Spread for fresh 2yr @ 3mE+30
Priced at 3mE+50
NIC of +20

2yr (Nov 2028) @ MS+60a
Implied Spread for fresh 2yr @ MS+22
Priced at MS+40
NIC of +18

4yr (Nov 2030) @ MS+90a
Implied Spread for fresh 4yr @ MS+49
Priced at MS+70
NIC of +21

6yr (Nov 2032) @ MS+110-115
Implied Spread for fresh 6yr @ MS+71
Priced at MS+90
NIC of +19

9yr (Nov 2035) @ MS+135-140
Implied Spread for fresh 7yr @ MS+97
Priced at MS+115
NIC of +18

13yr (Nov 2039) @ MS+165-170
Implied Spread for fresh 13yr @ MS+125
Priced at MS+145
NIC of +20

19yr (Nov 2045) @ MS+205-210
Implied Spread for fresh 19yr @ MS+169
Priced at MS+185
NIC of +16

Hide Details

CreditFlow: End of Day (Europe IG)	12:08 PM ET

12:08 PM ET

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	PRICED: Alphabet Inc. €6bn 7-part Sr Unsec; 3mE+50bp & MS+40bp & MS+70bp & MS+90bp & MS+115bp & MS+145bp & MS+185bp	12:01 PM ET
	ALLOCATIONS OUT: Alphabet Inc. €6bn 7-part Sr Unsec; 3mE+50bp & MS+40bp & MS+70bp & MS+90bp & MS+115bp & MS+145bp & MS+185bp	11:09 AM ET
	LAUNCHED: Alphabet Inc. €6bn 7-part Sr Unsec; 3mE+50bp & MS+40bp & MS+70bp & MS+90bp & MS+115bp & MS+145bp & MS+185bp	08:46 AM ET
	UPDATE: Alphabet € bmk 7-part Sr Unsec; Spread set at 3mE+50bp & MS+40bp & MS+70bp & MS+90bp & MS+115bp & MS+145bp & MS+185bp	07:32 AM ET
	NEW ISSUE: Alphabet € bmk 7-part Sr Unsec; 3mE+70a & MS+60a & MS+90a & MS+110/115 & MS+135/140 & MS+165/170 & MS+205/210	02:05 AM ET

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Alphabet Inc (GOOGL)

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