Allens has advised ANZ, Deutsche Bank AG, Sydney Branch, Royal Bank of Canada and The Toronto-Dominion Bank as joint lead managers on Alphabet Inc.'s inaugural Kangaroo bond issuance. The issuance comprised six series of notes totalling A$5.5 billion.
The transaction marks Alphabet's debut issuance in the Australian capital markets, and represents the largest corporate bond issuance ever completed in the Australian capital markets. The offering also attracted the largest order book recorded for a corporate bond transaction in Australia, reaching approximately A$18 billion.
Alphabet is the first AI hyperscaler to access the Australian dollar market and the first large-cap US technology company to issue a Kangaroo bond in almost a decade. The breadth and diversity of the investor base demonstrates the growing international appeal of the Australian bond market. The strength of demand is also expected to support other hyperscalers and multinational issuers looking to the AMTN market to diversify their funding sources.
'The scale of this transaction and the strength of investor demand demonstrate the growing international appeal of the Australian bond market. The breadth and diversity of the investor base reinforces the market's position as an attractive source of funding for global issuers seeking to diversify their funding arrangements,' said lead partner James Darcy.
The transaction further reflects Allens' strong debt capital markets practice and experience advising on significant Australian and international bond issuances, funding programs and other capital markets transactions.
Allens legal team
Banking & Finance
James Darcy (Partner), Ugo Ba (Senior Associate) and Anastacia Filer (Lawyer).