Alphabet raises $20B in dollar bonds plus sterling and Swiss franc notes in Q1

Alphabet's Q1 2026 filing shows about $31.4 billion of net debt proceeds from new notes: $20.0 billion of US dollar notes, GBP 5.5 billion of sterling notes including a 31-year tranche, and CHF 3.1 billion of Swiss franc notes. The debt funds the capex ramp while Alphabet stopped buying back stock. Traders should read the new debt against the rising capex plan and free cash flow.

• $20.0B USD notes, 15-year maturity, weighted coupon 4.80%
• GBP 5.5B sterling notes, 31-year maturity, weighted coupon 5.31%
• CHF 3.1B Swiss franc notes, 10-year maturity, weighted coupon 1.06%
• Net proceeds from debt issuance in Q1 2026: $31.4B