TL;DRAmazon is raising C$14bn ($10bn) in Canada’s largest-ever corporate bond sale, topping Alphabet’s C$8.5bn record from May.
Amazon is raising C$14 billion, approximately $10 billion, from investment-grade bonds denominated in Canadian dollars, according to Bloomberg. The deal is the largest corporate bond offering ever in the currency, surpassing the C$8.5 billion Alphabet raised in Canadian dollars just one month ago.
The offering consists of five tranches of senior unsecured notes with maturities ranging from three to 30 years. Pricing on the longest tranche tightened by 5 basis points to 1.10 percentage points above Canadian government bonds, a sign of strong investor demand. JPMorgan, Royal Bank of Canada, Bank of Nova Scotia, and Toronto-Dominion Bank are running the deal.
Amazon said proceeds will be used for general corporate purposes, which may include supporting business investments, funding future capital expenditure, and repaying debt. The real driver is AI infrastructure. Amazon is expected to spend close to $200 billion this year on data centres, chips, and related infrastructure, a figure that has risen from roughly $83 billion in 2024 and $125 billion in 2025.
The Canadian dollar sale is the latest stop in a global debt tour that has taken Amazon across currencies and continents. The company has raised more than $70 billion of debt since the start of 2025, including a $37 billion US dollar deal in March, a EUR 14.5 billion euro offering shortly after, and its first Swiss franc bond in May, a six-part issuance that raised CHF 2.82 billion.
