Commentary & Deal Flow

Guidance:
4yr: MS+35bp - Books > €4.0bn
6yr: MS+55bp - Books > €3.9bn
8yr: MS+63bp - Books > €5.0bn
13yr: MS+93bp - Books > €5.0bn
19yr: MS+125bp - Books > €3.7bn
37yr: MS+175bp - Books > €3.6bn

IPTs:
4yr: MS+65/70bp
6yr: MS+80/85bp
8yr: MS+95a
13yr: MS+125a
19yr: MS+155a
37yr: MS+205a

• Issuer: Alphabet Inc. (Ticker: GOOGL; Country: US)
• LEI: 5493006MHB84DD0ZWV18
• Issuer Ratings: Aa2 (Stable) / AA+ (Stable) (Moody's/S&P)
• Expected Issue Ratings: Aa2 / AA+ (Moody's/S&P)
• Format: Senior Unsecured Notes
• Settlement: 11-May-26 (T+4)
• Size:
• • 4yr: €1.75bn exp
  • 6yr: €1.75bn exp
  • 8yr: €1.75bn exp
  • 13yr: €1.75bn exp
  • 19yr: €1-1.25bn exp
  • 37yr: €1-1.25bn exp
• Maturity:
• • 4yr: 11-May-30
  • 6yr: 11-May-32
  • 8yr: 11-May-34
  • 13yr: 11-May-39
  • 19yr: 11-May-45
  • 37yr: 11-May-63
• Coupon: Fixed, Annual, ACT/ACT (ICMA)
• MWC: Yes
• Bund Reference:
• • 4yr: OBL 2.4 18-Apr-30
  • 6yr: DBR 0 15-Feb-32
  • 8yr: DBR 2.2 15-Feb-34
  • 13yr: DBR 1 15-May-38
  • 19yr: DBR 2 ½ 04-Jul-44
  • 37yr: DBR 2.9 15-Aug-56
• Par Call:
• • 4yr: Yes, 1-month
  • 6yr: Yes, 2-months
  • 8yr: Yes, 3-months
  • 13yr: Yes, 3-months
  • 19yr: Yes, 6-months
  • 37yr: Yes, 6-months
• Joint Active Book-Running Managers: Barclays, BNP Paribas (B&D), Deutsche Bank, HSBC
• Docs: SEC Registered / Nasdaq Bond Exchange Listing / New York Law
• Clearing: Euroclear and Clearstream
• Denominations: €100,000 x €1,000
• Selling Restrictions: As per Alphabet Inc.’s Preliminary Prospectus Supplement
• UoP: Alphabet Inc. intends to use the net proceeds from these sales, together with the proceeds from any Concurrent Notes Offering, for general corporate purposes, which may include the repayment of outstanding debt.
• Marketing: eRed
• Stabilization: FCA / ICMA
• Target Market: MiFID II and UK MiFIR professionals / ECPs-only / No PRIIPs KID or DISC Disclosure Document
• Books Subject: Books to go subject at 13:00 UKT
• Timing: Books open, today’s business
• Concurrent Offering: Subject to market conditions and other factors, Alphabet Inc. may raise additional amounts for general corporate purposes, which may include the repayment of outstanding debt, in a near-term Canadian Dollar-denominated offering (the “Concurrent Notes Offering”), which may be substantially concurrent with this offering. Settlement of this offering is not conditioned upon the settlement of any Concurrent Notes Offering, and the completion of any Concurrent Notes Offering is not conditioned upon the completion of this offering or any other offering made by Alphabet Inc. Any Concurrent Notes Offering will only be made pursuant to a separate prospectus supplement. There can be no assurance that Alphabet Inc. will complete any Concurrent Notes Offering as described herein or at all.