Google parent Alphabet Inc. sold $2 billion of bonds Tuesday, joining a rush of issuance from technology companies that have already raised more than $100 billion this year.
In its first trip to the bond market in more than two years, the Internet giant sold 10-year notes to repay short-term debt, according to a person familiar with the matter. The debt yields around 0.68 percentage points above Treasuries, said the person, who asked not to be named because the deal is private. That was lower than the 0.8 discussed initially and compares with an average spread of 0.91 percentage points for bonds of similar ratings and maturities, according to Bank of America Merrill Lynch index data.
Technology companies have been among the year's leading issuers of U.S. investment-grade debt, selling $102.7 billion of bonds so far in 2016, according to data compiled by Bloomberg. That's the most of any non-financial sector and about $5 billion less than they sold in all of 2015. Apple Inc., Dell Inc. and Microsoft Corp. hold three of the top five spots for total issuance this year.
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