Amazon Raises $54 Billion in Bonds, BofA Sees Hyperscaler Debt at $175 Billion in 2026
Amazon raised about $54 billion through U.S. and euro-denominated investment-grade bonds to fund AI data-center expansion. BofA Global Research boosted its 2026 hyperscaler debt issuance forecast to $175 billion from $140 billion as analysts project U.S. corporate bond supply topping $2 trillion.
1. Bond Sale Breakdown
Amazon on March 10 and 11 sold approximately $37 billion across 11 tranches in the U.S. bond market and €14.5 billion ($16.8 billion) in euro-denominated bonds, bringing its total issuance to about $54 billion. The company structured tenors ranging from short-dated notes to longer maturities to secure financing for AI data-center expansion.
2. Revised Hyperscaler Debt Outlook
BofA Global Research raised its forecast for total debt issuance by the top five hyperscalers in 2026 from $140 billion to $175 billion, reflecting expectations of continued capital needs for AI infrastructure. Barclays projects U.S. investment-grade corporate bond offerings could exceed $2 trillion in 2026, surpassing the post-COVID record set in 2020.
3. Market Implications
Investor demand for hyperscaler debt remains robust, with Amazon’s recent sale oversubscribed by nearly four times the amount offered, underscoring appetite for high-grade bonds. This surge in supply and demand dynamics could influence yields and borrowing costs for Amazon and its technology peers throughout 2026.