BNP Paribas, Deutsche Bank and JPMorgan have the mandate. Maturities run from three years to 25 years.

The trade follows Alphabet’s record Swiss issuance in February and Amazon’s $37bn dollar deal in March, and is the latest demonstration that hyperscalers are now multi-currency borrowers.

Amazon is preparing its first-ever Swiss franc bond issuance, Bloomberg reported on Monday, in a six-tranche deal that stretches across three-, five-, seven-, ten-, fifteen- and twenty-five-year maturities.

BNP Paribas, Deutsche Bank, and JPMorgan have been mandated to run the books. Amazon has not yet disclosed the size of the trade; pricing is expected later this week.

The trade is the most visible sign yet that the largest US hyperscalers have crossed a threshold in their funding strategy.…