[Alphabet's Century Bond Falls Below 90% of Par Value for the First Time, Credit Spreads Widen for Hyperscale Cloud Service Providers' Bonds] According to a report by Jinse Finance, on July 24, Alphabet Inc. issued a 100-year bond in the pound sterling market earlier this year during a global bond issuance spree. The price of this bond has fallen below 90 pence per pound of face value for the first time. Data shows that this £1 billion ($1.34 billion) bond, maturing in 2126, was quoted at 89.978 pence on Thursday. When the tech giant issued this bond in February, the issuance price was slightly below par. Its risk premium relative to the risk-free benchmark rate once reached a high of 139.8 basis points. Among all senior corporate bonds meeting benchmark size globally, this bond has the longest remaining maturity. It is currently facing dual pressures: first, market concerns over bond issuances related to artificial intelligence, and second, a general rise in government bond yields amid renewed worries about fiscal deficits and inflation. Due to its extended modified duration, a 1 percentage point increase in yield could cause the bond's price to drop by nearly 15 pence. Meanwhile, UniCredit credit strategist Michael Teig wrote in a report on Thursday: 'The credit spreads of hyperscale cloud service providers' bonds have recently widened, reigniting investor debates over the viability of their business models, particularly in the context of these companies' massive capital expenditures.'