The Financial Post reports in its Thursday, May 7, edition that Alphabet's $8.5-billion bond deal is driving corporate and provincial spreads wider in Canada as investors' enthusiasm for the hyperscaler's debt tests the market's ability to absorb it. A Bloomberg dispatch to the Post reports that the Google parent is selling the debt in four parts of loonie-denominated bonds maturing from five to 30 years. It's Alphabet's first loonie-denominated debt deal and the biggest Canadian bond market offering on record. Order books had grown to around $19-billion to $20-billion by mid-morning, said people familiar with the matter. Beacon Securities's Les Peterdy says, "The Alphabet deal weighed on both corporate and provincial spreads." He adds government issuers backed away from the market. Canadian corporate bonds widened one to two basis points on average against government benchmarks after the Alphabet deal was announced. The deal was announced on Tuesday on the back of Alphabet's biggest-ever euro offering of 9 billion euros. While Canadian investors had anticipated a hyperscaler would tap the market, Alphabet didn't conduct a widely publicized roadshow.