"You have the government balance sheet that's deteriorated over time, and you have corporate balance sheets that, in a lot of cases, remain strong and stable."

The longest portion of the offering, a 30-year security, may yield about 1.05 percentage points above Treasuries.

Along with other tech giants, Google's parent company is fanning fears that the billions of dollars of debt needed to fund the AI arms race will weigh on credit markets.

Concerns about Chinese property developer China Evergrande Group led at least eight blue-chip companies to stop planned bond sales.