Amazon Prepares First Swiss Franc Bond Issuance in Six-Part AI-Capex Push
May 11, 2026 – 10:09 am
BNP Paribas, Deutsche Bank, and JPMorgan have been mandated to run the books. Maturities range from three years to 25 years. This follows Alphabet’s record Swiss issuance in February and Amazon’s $37 billion deal in March, highlighting hyperscalers’ multi-currency borrowing strategy.
Amazon is preparing its inaugural Swiss franc bond offering, as reported by Bloomberg on Monday, with a six-tranche deal covering three-, five-, seven-, ten-, fifteen-, and twenty-five-year maturities. The size of the trade has not been disclosed by Amazon; pricing is expected later this week.
The move signifies a significant shift in funding strategies for the largest US hyperscalers, as they diversify into euros, sterling, and Swiss francs to broaden investor bases and cater to global demand.
Amazon’s entry into the Swiss market follows Alphabet’s multi-currency drive, including a CHF 2.75 billion sale in February, which was the biggest corporate bond offering in Switzerland at that time. Caterpillar and Thermo Fisher Scientific have also utilized this market recently.
With approximately $200 billion in capex planned for 2026, Amazon’s funding requirements are substantial, necessitating multi-tens of billions per year. The six tranches across the Swiss curve suggest a focus on long-term financing rather than specific projects.
On March 10, Amazon raised about $37 billion across eleven tranches in the US bond market, followed by a €14.5 billion deal split across multiple maturities. The combined dollar and euro raise was the largest single funding event in Amazon’s history, with strong demand for the dollar tranche. Pricing on the long end came in below Treasury yields, reflecting favorable market conditions.
The Swiss franc issuance extends this trend into a third currency, demonstrating Amazon’s adaptability in securing optimal financing options globally.