Amazon sells its first sterling bonds, taking 2026 borrowing past $92bn

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September 9, 2026, 1:57 PM

• •Amazon opened books on its first sterling bond issue in four tranches spanning three, six, 12 and 19 years.
• •Initial pricing guidance was about 70 basis points over gilts for three years, 90 for six years, 105 for 12 years and 110 for 19 years.
• •The sterling sale follows Amazon bond issuance in euros, Swiss francs, Canadian dollars and a $25bn US deal in 2026.
• •The article says Amazon is now the largest bond issuer among hyperscalers.
• •Bloomberg Intelligence analysts Robert Schiffman and Suchi Trivedi said the 19-year tranche tests investor willingness to fund long-duration AI-linked capital needs.
• •The piece notes that long-dated sterling corporate bonds are typically bought by UK pension schemes and insurers.

Amazon has launched its first sterling-denominated bond sale in a four-part offering ranging from three to 19 years. The article says the deal adds a fourth currency to Amazon’s 2026 borrowing programme, which has raised more than $92bn this year amid heavy AI-related capital spending. It argues that the pricing does not signal distress, but highlights investor questions about how much repeated debt issuance markets can absorb from large technology companies. The longest tranche also shifts part of the financing burden to long-duration sterling investors such as UK pension funds and insurers.

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