Amazon prepares its first Swiss franc bond in a six-part AI-capex push

"Alphabet sold more than CHF 2.75bn (roughly $3.6bn) across five maturities in February as part of a multi-currency drive that included sterling, euro, and a rare 100-year US dollar bond. That Swiss tranche was the biggest-ever corporate bond sale in the Swiss market. Caterpillar and Thermo Fisher Scientific have both used the same market in the past eighteen months."

Amazon is preparing its first Swiss franc bond issuance in a six-tranche deal spanning three-, five-, seven-, ten-, fifteen- and twenty-five-year maturities. BNP Paribas, Deutsche Bank, and JPMorgan have been mandated to manage the offering, with pricing expected later this week and the size not yet disclosed. The move reflects a shift in funding strategy among large US hyperscalers, where a US dollar programme is no longer sufficient for the scale of capital needed for AI infrastructure. Big Tech treasurers are diversifying into euros, sterling, and Swiss francs, sometimes within the same multi-currency programme, to broaden the investor base and access demand not available in the US market at acceptable rates. Alphabet and other large corporates have already used the Swiss market, and Amazon’s scale suggests a need for long-duration funding capacity rather than project-specific financing.

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