Uber, Amazon lead record US bond blitz in Europe

An unprecedented number of American companies descended on Europe's bond markets on Wednesday, lured by liquidity and favorable terms as their home market buckles under the weight of AI-related debt issuance.

Uber Technologies ↘ 1.29% launched its first-ever euro bond offering, a five-part deal with maturities ranging from three to 20 years, looking to raise around €4 billion, according to Bloomberg. FedEx ↘ 0.67% filed a preliminary prospectus for a two-part euro-denominated senior notes offering, while Amazon Amazon.com, Inc. ↘ 1.87% began selling sterling bonds for the first time, set to raise £4 billion from a four-tranche deal, according to Reuters.bloomberg+2

AI Spending Fuels the Rush

The surge reflects a broader trend that has been building throughout 2026. US companies have flooded the eurozone bond market to fund massive artificial intelligence investments, a pattern the European Central Bank flagged in a September blog post as potentially crowding out other borrowers and pushing up financing costs. US tech firms now account for nearly 10 percent of gross new issuance in the eurozone despite holding a relatively small share of the outstanding market.reuters+1

Uber's deal, managed by Goldman Sachs The Goldman Sachs Group, Inc. ↘ 1.12%, BNP Paribas, Bank of America ↘ 0.91%, Deutsche Bank ↘ 0.88%, and Morgan Stanley ↘ 0.84%, priced initial discussions at 75 to 80 basis points over mid-swaps for the shortest tranche, rising to around 200 basis points for the 20-year notes. The ride-hailing company, which has previously only raised debt in dollars, is joining what Bloomberg described as a "record rush" tied to its European expansion.theedgesingapore+1

Diversification Beyond the Dollar

Amazon's sterling debut follows Alphabet's ↘ 2.32% £5.5 billion five-part sterling deal in February, which included a rare 100-year bond. JPMorgan ↗ 1.25%, Barclays ↘ 0.09%, HSBC ↗ 0.03%, and NatWest ↗ 0.23% are managing Amazon's sale.bloomberg+1

FedEx's filing, which left key terms including principal amounts and interest rates blank pending final pricing, outlined two series of euro-denominated senior unsecured notes for general corporate purposes, which may include repaying existing debt. The logistics giant completed the spinoff of its freight business on June 1 and repurchased approximately $4.86 billion of outstanding debt in July.stocktitan

The wave underscores a structural shift: US corporate issuers now represent nearly 19 percent of the iShares Core Euro Corporate Bond ETF, making them the second-largest weight behind France. With the US market straining to absorb the volume of AI-driven borrowing, Europe has become the release valve.scanx