Amazon Sells Swiss Franc Bond Offering in Record Six Parts
(Bloomberg) — Amazon.com Inc. sold its first Swiss franc bonds across a record six tranches, as Big Tech looks beyond its regular debt markets to raise funds.
The company raised 2.82 billion Swiss francs ($3.6 billion) from debt due in three, six, nine, 12, 18 and 25-years, according to a person familiar with the matter who asked not to be identified. The offering size was increased several times through book-building, with spreads on all tranches pricing around the mid-point of ranges offered during initial price discussions.
It’s the latest in a string of high-profile sales in the currency from firms including Alphabet Inc. that are helping to fund huge artificial intelligence spending plans. US cloud computing firms, known as hyperscalers, are pouring hundreds of billions of dollars into AI infrastructure in deals that have spanned multiple currency markets already this year. Investors have so far been eager buyers, placing orders for several times the size of recent offerings.
“We’re seeing corporates tap euro, Swiss, sterling, even Canadian dollar and Japanese yen,” said Amanda Lynam, Goldman Sachs Group Inc.’s chief credit strategist in a Bloomberg Television interview. “This is a trend we think will continue. We’re in the early innings.”
Google parent company Alphabet raised about 3 billion Swiss francs in February, the most on record by a corporate borrower, while Amazon’s own debut euro bond in March was the biggest ever in that currency. Alphabet also begun the sale of yen bonds for the first time, in an eight-part deal expected to wrap up on Wednesday.
A representative for Amazon didn’t respond to a request for comment.
Between them, Amazon, Microsoft Corp., Alphabet, Meta Platforms Inc. and Oracle have forecast capital expenditures of about $725 billion in 2026. Seattle-based Amazon alone plans to spend $200 billion this year on data centers, chips and other equipment.
Amazon raised $54 billion in March, across US and European debt markets, garnering near-record demand even as concerns about the fallout of the US-Iran war rattled markets. It was preceded by Alphabet, which priced about $32 billion in dollar and euro notes in February, while Oracle Corp. raised $25 billion from a bond sale that attracted a record $129 billion of orders at its peak.
While the bond sales have been enthusiastically received, some investors are becoming concerned that the deluge of spending on AI may not pay off. Those worries were underscored late last month when data-center linked US corporate debt fell following a report that OpenAI had missed its own targets for users and sales.
Amazon’s cloud unit posted its fastest quarterly growth in more than three years, but capital spending of $44.2 billion to support that effort was more than analysts were expecting, a sign that build-out costs are higher than anticipated.
BNP Paribas SA, Deutsche Bank AG and JPMorgan Chase & Co. managed Amazon’s Swiss franc transaction.
–With assistance from Hannah Benjamin-Cook, Tom Mackenzie and John McCrank.
(Updates with final pricing details throughout.)
©2026 Bloomberg L.P.
