Google parent Alphabet has launched its second euro bond offering this year, split into seven tranches to fund AI investments. Maturities run 2–19 years; initial guidance puts the shortest fixed-rate tranche at about 60bps over mid-swap and the longest around 205–210bps. Barclays, BNP Paribas and Deutsche Bank are bookrunners; the deal is expected to price later on Monday. Demand for recent tech euro issuance has softened, forcing wider spreads and increasing debt funding costs.