--- title: "Google issues the largest foreign corporate yen bond in history, with total financing nearing USD 60 billion in four months" type: "News" locale: "en" url: "https://longbridge.com/en/news/286502669.md" description: "Recently, Google completed the largest non-Japanese corporate yen bond issuance in history in the global bond market, raising 576.5 billion yen (approximately 3.6 billion USD), with the total financing amount approaching 60 billion USD over four months. This move reflects Google's sharp increase in capital expenditures, and the strong demand for returns from Japanese investors has prompted a shift to the yen market" datetime: "2026-05-15T03:34:03.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/286502669.md) - [en](https://longbridge.com/en/news/286502669.md) - [zh-HK](https://longbridge.com/zh-HK/news/286502669.md) --- # Google issues the largest foreign corporate yen bond in history, with total financing nearing USD 60 billion in four months According to the Zhitong Finance APP, as the arms race for artificial intelligence (AI) infrastructure intensifies, Google (GOOGL.US) is "sweeping" the global bond market at an unprecedented pace. The company has just completed the largest issuance of yen bonds by a non-Japanese company in history, pushing its total financing amount over the past four months to nearly $60 billion, a move seen by Wall Street as a model for future financing by large tech companies. According to insiders, Google's yen bond issuance amounts to 576.5 billion yen (approximately $3.6 billion), making it the largest single transaction in the history of the yen market for overseas issuers. As its first issuance of yen bonds, this transaction includes seven different maturities, with the 5-year bonds priced 50 basis points above the median swap rate, raising 200.5 billion yen. Behind this wave of financing is Google's rapidly expanding capital expenditure. The company has recently raised its capital expenditure guidance to a maximum of $190 billion, an increase from previous expectations and nearly double its spending level for 2025. **Seeking New "Investors"** Analysts point out that Google's shift to the yen market is partly due to the strong demand for yields from Japanese investors, while American domestic investors are showing signs of fatigue. Taketoshi Tsuchiya, president of Fujiwara Capital Co., stated, "While American investors are showing signs of saturation, Japanese investors are still hungry for yields and are eager to buy bonds issued by well-known companies like Google." As global large enterprises are raising funds for capital-intensive data centers, the large issuance of dollar bonds has brought the funding in the U.S. market close to "overdraft," while this year, the sales of yen bonds by non-Japanese issuers have increased by over 280%, reaching 1.6 trillion yen. Additionally, as the Bank of Japan exits its ultra-loose policy after decades, the Japanese government bond market is experiencing unprecedented volatility, leading investors to seek additional yield premiums in corporate notes. The 10-year bonds issued by Google have a coupon rate of 3.189%, significantly higher than the 2.67% yield of Japanese benchmark government bonds during the same period. **Reshaping the Global Credit Landscape** Google's aggressive borrowing is drawing attention to changes in the global credit landscape. Including this yen bond, the company's debt issuance in just four months has reached nearly four times the total amount it issued in its first 26 years. Currently, Alphabet's outstanding euro debt has reached approximately €22 billion, making it the eighth largest non-financial issuer in the euro market, while before the yen bond issuance, only about 55% of its bonds were denominated in dollars. Wall Street bankers generally believe that this multi-channel, multi-currency financing approach may become a model for other tech giants, as relying solely on the U.S. market is becoming insufficient to absorb such a massive demand for AI-related borrowing. In fact, Amazon (AMZN.US) has recently completed its first transaction exceeding $3 billion in the Swiss franc market. According to Barclays data, nearly 40% of this year's sales of high-rated corporate bonds in the U.S. came from tech companies and ultra-large computing infrastructure firms. Although the tech industry currently accounts for less than 5% of the credit benchmarks in major markets such as euros, pounds, and Swiss francs, demand still exists, but the market has begun to be wary of potential risks Bankers and investors are concerned that large-scale enterprises repeatedly engaging in foreign currency financing may squeeze the space for local borrowers, depress existing bond prices, and even force issuers to offer larger discounts to attract subscriptions if investors begin to worry that another major tech deal is always on the horizon ### Related Stocks - [GOOGL.US](https://longbridge.com/en/quote/GOOGL.US.md) - [GOOW.US](https://longbridge.com/en/quote/GOOW.US.md) - [GGLL.US](https://longbridge.com/en/quote/GGLL.US.md) - [GOOG.US](https://longbridge.com/en/quote/GOOG.US.md) - [AMZN.US](https://longbridge.com/en/quote/AMZN.US.md) ## Related News & Research - [Google brands news publishers ‘free riders’ in search box row](https://longbridge.com/en/news/285962706.md) - [Google plans to let software engineers use AI assistants in job interviews](https://longbridge.com/en/news/285594942.md) - [CEO Sundar Pichai Says Google Is Having a ‘Terrific Start’ to the Year. 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