Bonds: Alphabet with “Methuselah Bond”

The nervousness on the stock markets is providing some support for government bonds, which are considered safe. US tech companies are increasingly tapping the bond market, most recently Alphabet. Among other things, with a bond with the rare maturity of 100 years.

February 13, 2026. FRANKFURT (Deutsche Börse). Weak tech stocks, severely battered crypto markets – in comparison, the bond market is calm. “Investors are holding back,” reports Arthur Brunner of ICF Bank. Yields have fallen slightly compared to last week: ten-year German government bonds were yielding only 2.77 percent on Friday afternoon, down from 2.82 percent last week.

The latest inflation figures from the US, which will be published this afternoon, are eagerly awaited. They should enable conclusions to be drawn about the further development of key interest rates in the US. “Inflation has been significantly too high in recent months to allow further interest rate cuts by the Fed,” says Helaba analyst Ulrich Wortberg. However, the January figures now point to an easing of the situation.

Centennial bond: High demand

One of the highlights of the week is the mega issue by tech giant Alphabet. For a long time, US tech companies were awash with cash, but for some time now they have been tapping the bond markets more and more. “This shows how high the capital requirements for AI investments are,” notes Brunner.

Alphabet raised the equivalent of around $32 billion, including in British pounds and Swiss francs. Particularly striking is a bond with an ultra-long maturity of 100 years (“Methuselah bond”) (XS3285675040). “The last time a technology company issued such a long-term bond was almost 30 years ago, in 1997, by the US group Motorola,” explains LBBW analyst Matthias Schell. “After 16 years, the purchases have already recouped the purchase amount through interest,” notes Brunner, referring to the 6.125 percent coupon. However, the denomination is £100,000.