Alphabet Inc’s global bond sale raised $31.51 billion across U.S. dollar, sterling, and Swiss franc bond markets, indicating high investor demand for AI hyperscalers. The lack of protections for existing and future bondholders has raised concerns, with Alphabet’s century bond in the sterling market standing out. The $20 billion U.S. bond sale drew over $100 billion in demand, but the growing hyperscaler debt pile has sparked worries about investor protections. Major AI hyperscalers issued $121 billion in U.S. corporate bonds last year, with future tech issuers potentially facing obstacles if they model their covenants after Alphabet. Future debt issuance from the major hyperscalers could exceed $300 billion in 2026 as their AI buildout needs grow.

Read more at Yahoo Finance: Alphabet bonds’ lack of guardrails highlights investor confidence