Alphabet's Century Bond Loses 7% Amid Iran War and Tech Slowdown
Alphabet's historic 100-year sterling-denominated bond, issued in February 2026, has lost over 7% of its value in five months. The bond, which raised £1bn as part of a $32bn issuance, was the first century bond from a tech company since the dot-com era. The decline is attributed to the Iran war, which has raised long-term inflation expectations, and growing skepticism about the earnings potential of major US tech firms, including the 'Magnificent 7'. The bond's extreme sensitivity to interest rate moves has amplified losses, particularly in the UK gilt market, which faces additional pressure from high energy costs. Despite being 10 times oversubscribed at auction, the bond is now under significant stress, reflecting broader concerns about ambitious AI investment programs and a slowdown in tech stock performance.
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