Alphabet issued €6 billion of euro-denominated bonds yesterday. This follows a €9 billion euro deal from Alphabet in March. So €15 billion in total this year. Alphabet also issued €6.75 billion in May 2025 and €6.5 billion in November 2025.
Amazon issued €14.5 billion in its first ever euro bond deal in March. This also took the title of the largest corporate bond ever sold in euros.
Meta is now in the market with a $20 billion+ deal that will be partly in euros.
These deals are largely bought by European investors – asset managers, insurance companies and pension funds. This increases competition for capital for European companies. This, of course, could be highly beneficial for Europe in many ways, including increasing returns for savers, investors and pensioners, and over time deepening the European debt capital markets. But at a company level, this could increase debt financing costs materially in 2027 and 2028, and potentially for a few years beyond that.
This article runs through what to watch for and possible strategies for European issuers.
