Mallesons has advised Alphabet Inc. (Alphabet), the parent company of Google, on its inaugural offering of A$5.5 billion Australian dollar-denominated senior notes, making it Australia's largest corporate bond transaction.
The issuance comprised six tranches, with maturities of three, five, ten and twenty years. Investor demand exceeded A$18 billion, more than three times the amount raised.
The transaction marks Alphabet’s first issuance in the Australian debt capital market and the first time an AI hyperscaler has accessed the market. It comes as Alphabet broadens its global funding program and continues to invest significantly in AI infrastructure, including data centres, servers and chips.
The Mallesons team was led by Debt Capital Markets Partner Philip Harvey, supported by Special Counsel Angela Chung, Senior Associate Hilary Yeoh and Solicitor Yifan Jia, together with the wider Debt Capital Markets team.
Commenting on the deal, Philip Harvey said:
“The transaction is a great vote of confidence in the depth and maturity of Australia’s capital markets. As the world’s third-largest bond market, behind the US and Europe, Australia has demonstrated its capacity to support global issuers at significant scale.”
Mallesons has advised on nearly every Kangaroo bond transaction undertaken in Australia, acting for issuers and arrangers across the full range of foreign borrowers accessing the Australian debt capital market.
