Google-linked prepaid energy bonds trigger a wave of buying by municipal bond traders

On June 6, Google's parent company Alphabet Inc. made its debut in the municipal bond market and participated in a prepaid energy deal of approximately US$1 billion in California, USA. Investors showed strong demand for the offering, and the trading spread of bonds in the secondary market further narrowed. Among them, bonds due in 2035 were particularly popular, with a transaction volume of US$492 million. The deal involves power supplier Pioneer Community Energy, with Alphabet acting as a financial intermediary; the bonds were issued by the California Community Choice Financing Authority and underwritten by Goldman Sachs Group.