On Monday, Google’s parent company, alphabet, lent $10 billion to the investment grade corporate bond market, or $10 billion in bond sales, not only in the scale of alphabet’s history, but also in the company’s lowest financing cost. Of the $10 billion bonds, one billion are five-year bonds with a coupon rate of 0.45%. Apple also issued $1.5 billion in bonds at a coupon rate of 0.45% in 2013.

investors seem to be interested in bonds because of the low benchmark interest rates in the US and the Fed’s purchase of corporate bonds to support the issuance. According to refinitiv IFR, the demand for this transaction is more than $31 billion. In May 2014, alphabet issued $1 billion of bonds at a coupon rate of 1.25%, when the coupon rate hit a new low for the company, this time lower.

Tom Graff, director of fixed income at Brown advisory, said: “these high-quality issuers set coupon rates very low, and alphabet is one of them, and we are already at this stage. Why? Because there are a lot of buyers who need short-term, no consideration of revenue. You know, its yield is twice that of a five-year treasury bond. ” The yield on five-year treasury bonds has fallen to 0.228%.

last week, alphabet reported quarterly revenue decline, the first time since the company went public. Still, Google’s share price has not been affected, as the advertising business is recovering, offsetting some of the decline.

in June, Amazon also issued three-year bonds with a coupon rate of only 0.4%, a record low for corporate bonds. Alphabet corporate bonds were only slightly higher than Amazon, ranking second from the bottom. However, the coupon rate of Amazon’s five-year bond is set at 0.80%, and the coupon of alphabet is only 0.45%, which means that the financing cost of alphabet is cheaper.

the 10 billion corporate bonds issued by alphabet include 7-year, 20-year and 40-year loans of $4.5 billion, which will be used for general corporate purposes, including acquisitions, and another $5.5 billion for green projects.