Google Pays Record Fees to Minority Banks for Bond Underwriting

Alphabet Inc. paid a total of around $4 million of fees to minority-owned underwriters for its bond sale this week, a figure the company said is the highest ever paid to the firms.

The parent company of Google issued $5.75 billion of notes this week to fund environmental and social projects as part of a $10 billion bond sale. It tapped 15 minority-, woman- or veteran-owned banks to help underwrite the offering, giving each firm -- including Blaylock Van LLC and Drexel Hamilton -- an average of about $260,000 in fees, according to a filing late Tuesday.

Wall Street has ...