Amazon’s new $25 billion corporate bond issuance, launched in July, is facing a less optimistic reception! The proceeds from this bond offering are primarily intended for the construction of AI data centers; the lukewarm market response reflects shifting institutional sentiment toward AI investments. Despite the muted demand, Amazon’s corporate bonds received high ratings from the three leading international credit rating agencies: S&P: AA Fitch: AA- Moody’s: A1 For corporate bonds with ratings above A this year, average order volumes have been roughly four times the issuance size—yet Amazon’s offering attracted only 1.6 times its size. 🧐 Paying attention to institutional behavior may be more significant than tracking retail investor sentiment.