Amazon’s Mega Bond Sale Is Cheap — For a Reason

Amazon.com Inc. has blown the primary market for new debt wide open just days after market volatility, sparked by soaring-then-plummeting oil prices, all but halted issuance. Its mega offering is priced cheaply, for a reason: Too much of a good thing is still too much.

At a total size of $37 billion spread across 11 tranches, the dollar portion ranks as the fourth-largest fundraising ever. But with an additional €10 billion ($11.6 billion) planned in eight euro-denominated bonds, it could top $50 billion combined and break the record set by Verizon Communications Inc. in 2013 when it raised $49 billion.