Commentary & Deal Flow

IPTs: 2yr FRN: 3mE+70a 2yr: MS+60a 4yr: MS+90a 6yr: MS+110/115bp 9yr: MS+135/140bp 13yr: MS+165/170bp 19yr: MS+205/210bp

• Issuer: Alphabet Inc.
• Ticker: GOOGL
• Country: US
• LEI: 5493006MHB84DD0ZWV18
• Current Issuer Ratings: Aa2 (Stable) / AA+ (Stable) at Moody's / S&P
• Expected Issue Ratings:* Aa2 / AA+ at Moody's / S&P
• Format: Senior Unsecured Notes
• Settlement:** 05-Nov-26 (T+3)
• Size:
  • 2yr FRN: EUR Benchmark
  • 2yr: EUR Benchmark
  • 4yr: EUR Benchmark
  • 6yr: EUR Benchmark
  • 9yr: EUR Benchmark
  • 13yr: EUR Benchmark
  • 19yr: EUR Benchmark
• Maturity:
  • 2yr FRN: 05-Nov-28
  • 2yr: 05-Nov-28
  • 4yr: 05-Nov-30
  • 6yr: 05-Nov-32
  • 9yr: 05-Nov-35
  • 13yr: 05-Nov-39
  • 19yr: 05-Nov-45
• Coupon:
  • 2yr FRN: Floating, Quarterly, ACT/360
  • 2yr: Fixed, Annual, ACT/ACT (ICMA)
  • 4yr: Fixed, Annual, ACT/ACT (ICMA)
  • 6yr: Fixed, Annual, ACT/ACT (ICMA)
  • 9yr: Fixed, Annual, ACT/ACT (ICMA)
  • 13yr: Fixed, Annual, ACT/ACT (ICMA)
  • 19yr: Fixed, Annual, ACT/ACT (ICMA)
• MWC:
  • 2yr FRN: --
  • 2yr: Yes
  • 4yr: Yes
  • 6yr: Yes
  • 9yr: Yes
  • 13yr: Yes
  • 19yr: Yes
• Par Call:
  • 2yr FRN: --
  • 2yr: --
  • 4yr: Yes, 1-month
  • 6yr: Yes, 2-months
  • 9yr: Yes, 3-months
  • 13yr: Yes, 3-months
  • 19yr: Yes, 6-months
• B&D:
  • 2yr FRN: Deutsche Bank
  • 2yr: Deutsche Bank
  • 4yr: Deutsche Bank
  • 6yr: Deutsche Bank
  • 9yr: Deutsche Bank
  • 13yr: Deutsche Bank
  • 19yr: Deutsche Bank
• 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 for general corporate purposes, which may include the repayment of outstanding debt.
• Marketing: eRed, NetRoadshow Direct Link: www.netroadshow.com/nrs/home/#!/?show=c54a654b OR www.netroadshow.com | Entry Code: GOOGL_NOV_26 (not case-sensitive)
• Stabilization: FCA / ICMA
• Target Market: MiFID II and UK MiFIR professionals / ECPs-only / No PRIIPs KID or DISC Disclosure Document
• Joint Book-Running Managers: Barclays, BNP Paribas, Deutsche Bank (B&D)
• Timing: Books open, today’s business