Jun. 9 at 6:57 PM
$AMZN shatters record in Canada’s “maple bond” market by issuing CA
$14B of Canadian dollar-denominated notes
The deal officially eclipses the previous record of CA
$8.5B established just last month by
$GOOGL
Amazon offered 5 tranches ranging from 3-year to 30-year senior unsecured notes
The deal was oversubscribed by 2x
The sheer volume of orders gave Amazon massive leverage to squeeze lenders& reduce the interest premium to only +110 bps over govt debt
Institutional investor demand was incredibly strong, driven by a recent 2025 regulatory inclusion of foreign corp notes into the FTSE Canada Universe Bond Index. This rule change forced domestic index-tracking pension and mutual funds to aggressively buy high-grade tech debt to minimize tracking error
$GOOGL offered 4 tranches ranging from 5-year to 30-year maturities & was oversubscribed by 2.35x & rate premium by the same at +110bps over govt debt