The Alphabet bond sale in Hong Kong and Singapore dollars aims to raise about $3 billion equivalent, two people with knowledge of the matter said.

It would be the first time Google parent Alphabet sells bonds in these two currencies. The move will test Asian investor demand after an AI-led selloff in global markets earlier this month.

One of the people said the sales would likely raise at least $2.2 billion. Alphabet is also considering minimum sizes of HK$8 billion ($1 billion) for the Hong Kong dollar portion. For the Singapore dollar portion, the minimum under consideration is S$1.5 billion ($1.2 billion).

The final size, timing and pricing have not been set, the person added. However, the Alphabet bond sale is expected to launch as early as Thursday. Bookbuilding and pricing would take place during Asian trading hours. The bonds are expected to settle on November 19.

The people declined to be named because the matter is private.

Alphabet has mandated HSBC and JPMorgan as joint global coordinators, according to a term sheet seen by Reuters earlier Wednesday. The sheet also showed that the bonds are expected to be rated Aa2 by Moody’s and AA+ by S&P.

Several other banks are involved. Bank of China (Hong Kong), ICBC (Asia) and Standard Chartered are working on the Hong Kong dollar sale. Meanwhile, DBS, OCBC and UOB are working on the Singapore dollar portion.

The term sheet outlined possible maturities for each portion. The Hong Kong dollar bonds could have two-, five- and 10-year maturities. The Singapore dollar bonds could have two-, five-, 10- and 30-year maturities.

Alphabet did not immediately respond to a request for comment.

The sale would add to Alphabet’s borrowing this year as it increases spending on data centres and other AI computing infrastructure. In an October 29 filing, Alphabet said it had issued $45 billion of US dollar-denominated notes and $35.8 billion of foreign currency notes in the nine months to end-September. The proceeds were for general corporate purposes.

Last week, Alphabet raised €6 billion ($6.7 billion) through a euro-denominated bond sale. It also sold $25 billion of US dollar bonds in August. In the same month, it raised A$5.5 billion ($3.8 billion) through Australian dollar bonds.

Other large technology companies have also tapped debt markets. Last week, Meta completed a $15 billion US bond sale, and Oracle sold $10 billion of bonds. Against this backdrop, the Alphabet bond sale will show how Asian investors respond to tech debt.

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