06:45 PM EDT, 06/05/2026 (MT Newswires) -- Alphabet's (GOOGL) first foray into the municipal bond market drew robust investor demand, with bonds trading at tighter spreads in the secondary market following their initial pricing, Bloomberg reported Friday.

The roughly $1 billion prepaid energy deal, issued by the California Community Choice Financing Authority and underwritten by Goldman Sachs, saw Alphabet act as financial intermediary for California utility Pioneer Community Energy, according to the report.

The largest tranche priced at a spread of 95 basis points above the benchmark but subsequently tightened in secondary trading, with the 2035 maturity seeing $492 million in trades at an average spread of 89 basis points, Bloomberg said.