Amazon.com Inc. has set a new record for the largest Canadian dollar-denominated corporate bond offering in history, issuing $14-billion in “maple bonds.” This massive deal, which eclipsed the $8.5-billion record set by Alphabet Inc. just weeks earlier, highlights a surging trend of global technology giants tapping into Canadian capital markets to fund their expanding artificial intelligence infrastructure.
Why are global tech giants flocking to the maple market?
The maple market—the term for loonie-denominated bonds issued by foreign companies—has seen unprecedented activity in 2026. According to data from the Royal Bank of Canada, the Amazon offering pushed the total volume of maple bonds issued in 2026 to at least $33.8-billion, far surpassing the previous annual record of $19.2-billion set in 2021.
A key driver of this trend is a technical adjustment from early 2025. Newly issued maple bonds are now included in the FTSE Canada Universe Bond Index. This change has granted foreign issuers direct access to a significantly broader investor base, including institutional funds that track the index.
The $14-billion Amazon deal is nearly double the $7.15-billion bond offering from Coastal GasLink in 2024, which previously held the title for the largest corporate bond ever issued by a Canadian company.
How does the Amazon bond deal compare to its peers?
The scale of the Amazon issuance is substantial, particularly when compared to other recent high-profile deals. While Alphabet’s mid-May offering of $8.5-billion was considered a landmark, Amazon’s deal is nearly two-thirds larger. Other major American firms have also utilized this window, including Goldman Sachs ($2.75-billion in February), AT&T ($2.25-billion in March), and New York Life ($1.1-billion in late April).
Amazon’s offering is structured into five distinct maturities ranging from three to 30 years. The 30-year portion is the largest of the group, totaling $4.75-billion. According to market data, the yield on this long-term portion is expected to be 1.1 per cent above government bond yields, while the other segments range between 0.4 per cent and 0.8 per cent above government benchmarks.
What is the outlook for Canadian corporate debt?
The current appetite for these bonds remains high among investors. A source familiar with the transaction noted that the Amazon offering attracted $28-billion in orders. This investor demand arrives as the total value of the maple market reaches nearly one-third of the total domestic corporate bond market from the previous year, despite the current year being less than halfway complete.
For context, Canadian businesses issued approximately $100-billion in corporate bonds throughout 2025, which marked the highest issuance levels in over a decade. The leading institutions facilitating the Amazon deal include the Bank of Nova Scotia, Toronto-Dominion Bank, Royal Bank of Canada, and JPMorgan Chase & Co.
Investors often look at corporate bonds for higher yields compared to government debt, though they must weigh this against the inherent credit risk of the issuing company.
Frequently Asked Questions
What is a maple bond?
A maple bond is a debt security issued in Canada by a foreign entity, denominated in Canadian dollars.
Why did Amazon issue $14-billion in bonds?
Like other major cloud-computing companies, Amazon is leveraging these funds to dramatically scale up its artificial intelligence capabilities.
Who are the lead banks for the Amazon deal?
The offering is being led by the Bank of Nova Scotia, Toronto-Dominion Bank, Royal Bank of Canada, and JPMorgan Chase & Co.
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