Amazon’s $16 billion bond issuance attracted orders equivalent to the gross domestic product (GDP) of the country Belarus.

The money from the bond issue on Tuesday will be used to help the e-commerce giant fund its acquisition of Whole Foods.

Demand was very high with the issuance attracting orders of $49 billion, the Financial Times reported, citing two investors following the sale.

In a note published Thursday, Deutsche Bank made an interesting observation about the demand.

“Amazon’s $16 billion bond deal attracted orders equivalent to the GDP of Belarus ($47 billion) it seems that markets are still some way from taking a full holiday just yet,” Deutsche Bank said.

The investment bank said that it had been suggesting there was a “quiet spell” in the market, but Amazon’s bond issuance shows that this may not be the case.

If the orders attracted by Amazon’s bond issuance, were a country’s GDP, it would be the seventy-ninth largest, according to the World Bank’s ranking of countries at the end of 2016.

It would have exceeded the GDP of countries such as Lebanon and Lithuania.

Amazon’s issuance was the fourth-largest high-grade debt offering this year, according to Informa Global Markets.

Source: Tech CNBC
Amazon made a bond offer this week that drew more cash than the GDP of Belarus