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Alphabet eyes $3 billion Hong Kong, Singapore bond sale, sources say

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Alphabet eyes $3 billion Hong Kong, Singapore bond sale, sources say

Business News Tech AI Alphabet eyes $3 billion Hong Kong, Singapore bond sale, sources say

In a strategic move, Alphabet aims to raise about $3 billion via bond sales denominated in Hong Kong and Singapore dollars. The target sizes for these offerings are set at HK$8 billion and S$1.5 billion, respectively. This comes at a time when the market is experiencing an AI-driven selloff, greatly affecting investor enthusiasm.

Alphabet is looking to raise about $3 billion equivalent through its first bond sales in Hong Kong and Singapore dollars, two people with knowledge of the matter said, testing Asian investor demand after an AI-led selloff in global markets earlier this month. One of the people added that the sales would likely raise at least $2.2 billion, with Alphabet considering minimum sizes of HK$8 billion ($1 billion) for the Hong Kong dollar portion and S$1.5 billion ($1.2 billion) for the Singapore dollar portion. The final size, timing and pricing have not been set, the person added. The people declined to be named as the matter is private.

Alphabet has mandated HSBC and JPMorgan as joint global coordinators, according to a term sheet seen by Reuters earlier Wednesday. Bank of China (Hong Kong), ICBC (Asia) and Standard Chartered are also working on the Hong Kong dollar sale, while DBS, OCBC and UOB are working on the Singapore dollar portion, the sheet showed. The Hong Kong dollar bonds could have two-, five- and 10-year maturities, while the Singapore dollar bonds could have two-, five-, 10- and 30-year maturities, the sheet showed.


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