Amazon Prepares to Sell First Swiss Franc Bond in AI Push

(Bloomberg) — Amazon.com, Inc. is preparing to issue Swiss franc bonds for the first time, as Big Tech hyperscalers turn to new debt markets to fund artificial intelligence spending.

Amazon has mandated BNP Paribas SA, Deutsche Bank AG and JPMorgan Chase & Co. for a six-part Swiss franc bond sale across maturities from three to 25 years, according to a person familiar with the matter who asked not to be identified.

A representative for Amazon said the proceeds would be used for general business purposes, including supporting investment and capital expenditure, as well as repaying upcoming debt maturities.

Tech companies have issued a series of bumper-sized bonds in Europe as they diversify beyond dollar debt to raise huge sums earmarked for investment in AI infrastructure. Google parent company Alphabet Inc. raised about 3 billion Swiss francs ($3.9 billion) in February, the most ever by a corporate borrower, while Amazon’s debut euro bond in March set the same record for that currency.

Amazon, Meta Platforms Inc., Microsoft Corp and Alphabet are planning to invest as much as $725 billion this year in AI data center equipment and other capital expenditure, a bigger tally than previously expected.

“The Swiss market continues to offer steady demand for high-grade names and a strong bid for familiar US corporate issuers,” said Apostolos Bantis, a managing director of fixed income at Union Bancaire Privee Ubp SA. “Issuing several maturities at once also lets borrowers tap different investor pockets, raise more money, and keep concessions tight while the window remains open,” Bantis added.

(Updates with comment from Amazon in paragraph 3.)

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