Amazon Enters Sterling Bond Market Amid Hyperscaler Debt Surge

Amazon has entered the sterling bond market for the first time, as major technology companies increasingly look beyond US debt markets to raise funds for their expanding artificial intelligence investments.

The transaction is part of a broader trend among hyperscalers to diversify their sources of funding by issuing bonds in international currencies. Companies have accessed markets including the euro, Swiss franc, and Japanese yen this year as their capital requirements continue to rise.

Hyperscalers have issued more than $200 billion in debt so far this year, more than double the amount raised during the whole of 2025, according to LSEG data. Amazon's latest offering comprises four maturities, with initial price guidance set at around 70 basis points over UK government bonds for a three-year bond, about 90 basis points over for a six-year bond, around 105 basis points over for a 12-year bond, and approximately 110 basis points over for a 19-year bond.

The sterling issue follows Amazon's earlier access to the euro and Swiss franc bond markets and expands the range of currencies included in its funding programme. Alphabet, the parent company of Google, was the first major hyperscaler to enter the sterling bond market in February, raising £5.5 billion through a five-part transaction that included a rare 100-year bond.