Memo: Alphabet is issuing €6B in euro-denominated debt across seven tranches, attracting €17B+ of demand; the company sold €9B of bonds earlier in 2026
THE SO WHAT
Alphabet pulling in €17B of demand for a €6B euro bond after already selling €9B this year shows public debt markets are eager to underwrite hyperscaler capex. If you’re a smaller infra player, assume your cost of capital will be structurally higher — you’ll need niche, geography, or regulation on your side to compete on buildout.
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