Alphabet Inc. is offering euro bonds for the second time this year, in a test of investor demand after stress in technology debt pushed borrowing spreads wider across the sector in recent weeks.

The Google parent has opened the books on a seven-part sale spanning maturities from two to 19 years, according to a person familiar with the matter who asked not to be identified. Initial price thoughts on the two-year fixed-rate tranche is around 60 basis points over mid-swaps, while the 19-year notes are being offered at about 205 to 210 basis points over mid-swaps.

The deal comes after disappointing results from Alphabet last week intensified concerns over the scale of artificial-intelligence spending and helped drive spreads wider across technology debt. On Friday, contracts protecting against a default in Alphabet’s debt jumped 6.4 basis points, a record daily increase in absolute terms, to hit an all-time high of almost 91 basis points.

A day earlier, its stock had suffered its biggest daily drop on record after disappointing search and advertising sales, boosting fears that AI is a threat to its core business.

Technology companies are expected to continue borrowing heavily to fund AI investment, even as recent sales have faced weaker demand and wider pricing. Alphabet has maintained a capital-spending outlook of as much as $205 billion for this year.

Alphabet raised €9 billion ($10 billion) across six tranches in May. Barclays Plc, BNP Paribas SA and Deutsche Bank AG are arranging Monday’s offering, which is expected to price later in the day.

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