Amazon hires banks for its first sterling bond sale

Amazon has hired banks for its first-ever sterling bond sale as large technology companies seek funding in several currencies to support the artificial intelligence boom.

The company plans to offer three-year, six-year, 12-year and 19-year bonds, according to a memo from one of the banks arranging the transaction. The sale could take place as early as Wednesday, depending on market conditions. The memo did not say how much Amazon intends to raise.

Hyperscalers such as Amazon have increasingly issued bonds outside the United States this year, including in euros, Swiss francs and yen. They are seeking to diversify their financing sources as the transition to artificial intelligence creates substantial funding needs.

The growing volume of debt issuance is testing investor demand, particularly in the US dollar bond market. Some large bond buyers warned over the summer that the market was showing signs of indigestion. Amazon's planned sterling sale follows Alphabet's £5.5 billion, five-part sterling deal in February, which included a rare 100-year bond.