Amazon’s $12 Billion Bond Comeback Draws $80 Billion in Orders

Overview

• Amazon is marketing about $12 billion of U.S. dollar investment‑grade bonds, its first such sale since 2022.
• Investor orders of roughly $80 billion were reported, and pricing talks on the 40‑year tranche tightened to about 0.85 percentage point over Treasuries from around 1.15.
• The deal is offered in up to six tranches and is led by Goldman Sachs, JPMorgan and Morgan Stanley.
• Fitch assigned AA‑ to the proposed notes with a stable outlook, matching Amazon’s long‑term issuer rating.
• Amazon said proceeds will support business investments, fund future capital expenditures and repay near‑term maturities; the sale comes as tech peers issue record‑size debt for AI infrastructure, with analysts projecting Amazon’s 2026 capex above about $147 billion and AWS recently inking a roughly $38 billion, seven‑year compute agreement with OpenAI.