Amazon has started selling its first sterling bond offering, with maturities of three, six, 12 and 19 years, according to three banks managing the deal. Initial price guidance ranges from about 70 basis points over British government bonds for the three-year note to about 110 basis points over for the 19-year note. The six-year and 12-year tranches were guided at around 90 and 105 basis points over gilts, respectively, with pricing expected later Wednesday. The offering adds British pounds to Amazon’s 2026 borrowing program, which has already raised record amounts in euros, Swiss francs and Canadian dollars and pushed total borrowing above $80 billion. Hyperscalers are issuing debt across currencies to diversify funding for AI-related data centers, chips and energy infrastructure, though the pace of technology issuance has raised concerns about investor capacity in dollar markets. Amazon’s sterling revenue and access to UK pension funds and insurers provide a natural rationale for the transaction.