Important Notice: Wholesale Clients Only. This material is intended solely for “wholesale clients” as defined under the Corporations Act 2001 (Cth) and is not intended for retail investors.
Alphabet Inc., the parent company of Google, has completed its inaugural Australian dollar bond issuance, raising A$5.5 billion across six tranches and setting a new record for the largest Australian corporate bond issuance to date. The transaction attracted more than A$20 billion in orders, representing approximately 3.7 times the amount issued.
ANZ was the only Australian domestic bank appointed as a joint lead manager on the transaction. The bonds were priced on 19 August 2026 and received ratings of Aa2 from Moody’s and AA+ from S&P.
Alphabet’s A$5.5 billion senior unsecured bond issuance comprises six tranches:
- A$750 million 3-year fixed-rate bonds with a coupon of 5.20% p.a., maturing on 27 August 2029;
- A$750 million 3-year floating-rate bonds, priced at 3-month BBSW + 65 bps, maturing on 27 August 2029;
- A$750 million 5-year fixed-rate bonds with a coupon of 5.50% p.a., maturing on 27 August 2031;
- A$750 million 5-year floating-rate bonds, priced at 3-month BBSW + 90 bps, maturing on 27 August 2031;
- A$1.25 billion 10-year fixed-rate bonds with a coupon of 6.25% p.a., priced at 133 bps over the asset swap rate, maturing on 27 August 2036; and
- A$1.25 billion 20-year fixed-rate bonds with a coupon of 6.90% p.a., priced at 180 bps over the asset swap rate, maturing on 27 August 2046.
Meanwhile, ANZ completed a A$4.25 billion multi-tranche senior unsecured and Tier 2 capital issuance on 14 August 2026. The transaction comprised four tranches across senior unsecured and Tier 2 securities.
The order book exceeded A$9.82 billion, including approximately A$1.05 billion of joint lead manager interest, representing around 2.3 times the total amount issued.
The senior unsecured component comprised A$2.5 billion of 5-year floating-rate bonds, priced at 3-month BBSW + 66 bps, maturing on 21 August 2031.
The Tier 2 bonds were rated A3 by Moody’s, with indicative ratings of A− from both S&P and Fitch. ANZ’s issuer ratings were Aa2 / AA− / AA−.
The Tier 2 capital issuance was divided into three tranches:
- A$750 million 15-year floating-rate bonds, non-callable for 10 years, priced at 3-month BBSW + 157 bps. The first call date is 21 August 2036, with final maturity on 21 August 2041;
- A$2.5 billion 15-year fixed-to-floating-rate bonds, non-callable for 10 years, carrying an initial coupon of 6.451% p.a. and priced at 157 bps over the asset swap rate. Following the first call date, the bonds will convert to a floating rate of 3-month BBSW + 157 bps until maturity. The first call date is 21 August 2036, with final maturity on 21 August 2041; and
- A$750 million 20-year fixed-rate bonds, carrying a coupon of 6.749% p.a., priced at 165 bps over the asset swap rate, and maturing on 21 August 2046.
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