Oversubscribed to under pressure: Alphabet’s century bond

Alphabet’s 100-year bond, issued in February 2026 and maturing in February 2126, has fallen more than 7% since launch despite being oversubscribed at issuance. The move highlights pressure on ultra-long-duration debt, where small changes in rates and duration assumptions can produce outsized price declines. For Alphabet, the bond’s weak post-issuance performance may matter more as a signal of investor sensitivity to long-dated credit and interest-rate risk than as a reflection of company fundamentals. The article is primarily market commentary around pricing and demand dynamics in Alphabet’s century bond rather than an operational update on the business.