A massive five-tranche C$14 billion deal surprised investors, stretching maturities to 2056 and signaling stronger foreign demand for Canadian maple bonds.
In Toronto on June 9, 2026, Amazon (AMZN.O) issued Canadian-dollar bonds totaling C$14 billion, a record on the Canadian corporate bond market, according to the final price sheet filed with the U.S. Securities and Exchange Commission on Monday.
The previous record of C$8.5 billion was set by Alphabet last month.
Details of the Issue and Terms
The five-tranche Amazon bond package includes issuances with maturities ranging from 2029 to 2056. The 2029 notes were placed with a spread of about 40 basis points over the Canadian government curve, while the 2056 notes carried a spread of about 110 basis points over the 3.50% Government of Canada bonds due 2057.
Market Context and Financing Trends
Global companies continue to tap the Canadian maple-bond market this year due to strong investor demand and lower costs of capital. Such issuances reflect companies’ efforts to diversify funding sources to support large investments in future artificial intelligence infrastructure, including data centers.
In March, Amazon raised about €14.5 billion through an eight-tranche bond issue on the European market, one of the largest in the history of the European corporate bond market.
As noted, in 2025-2026 the issuance volume from so-called “hyperscalers” outside the United States is part of the strategy of global corporations financing investments in artificial intelligence and data infrastructure.
The exchange rate at the time of publication was about 1 U.S. dollar to 1.3949 Canadian dollars.
In sum, the Canadian maple-bond market continues to actively attract foreign issuers thanks to a combination of liquidity and lower borrowing costs, strengthening Canada’s position on the world financial map and supporting investment plans in growing areas such as artificial intelligence infrastructure.