Australia's bond market is drawing increased interest from overseas borrowers. That includes Alphabet Inc., which issued debt in the country for the first time in August to help fund its AI spending.

The technology giant raised A$5.5 billion ($3.9 billion) by selling so-called Kangaroo bonds. Sales of Australian dollar bonds by foreign entities have topped $64 billion so far in 2026, putting them on track to beat last year's record total.

Demand for these bonds is growing among both overseas and local investors, including large Australian pension funds.