Alphabet launched a €6 billion ($6.9 billion) seven-tranche European bond sale on Nov. 2 that attracted more than €17 billion in investor orders, despite a sharp selloff in the Google parent’s shares. The offering includes floating-rate and fixed-rate securities maturing from two to 19 years, with initial pricing discussions ranging from about 60 basis points over euro mid-swaps for the shortest fixed-rate notes to roughly 205-210 basis points for the longest tranche. Barclays, BNP Paribas and Deutsche Bank are managing the transaction. The sale is Alphabet’s second euro-denominated bond offering this year, following a €9 billion issuance in May, after the company also issued a 100-year sterling bond in February. Alphabet’s latest quarterly results showed capital expenditures of $51.4 billion and negative free cash flow, while the company expects capital spending to reach as much as $205 billion in 2026. A securities filing disclosed about $130.5 billion in future lease payments, mainly for data centers whose leases had not yet commenced. The scale of its AI infrastructure commitments has intensified questions about returns, financing costs and technology valuations. Alphabet’s shares previously fell more than 12% after quarterly results, threatening to erase more than $500 billion from its market value, although they were 1.5% higher Monday morning. Existing euro-bond spreads have widened by as much as 60 basis points since issuance, underscoring tighter borrowing conditions even as bond investors continue to demand technology-company debt. Proceeds are intended for general corporate purposes and could include debt repayment.