Amazon $AMZN tapped the U.S. bond market for $37 billion and, together with a planned euro issuance, the total could approach $50 billion. That makes it one of the largest corporate debt offerings in history, moreover without being driven by any major acquisition.

Even more interesting is the demand itself. The U.S. portion of the offering reportedly attracted orders of around $126 billion, which shows how much confidence the market still places in Amazon even in an environment of higher rates and market jitters. The company is also spreading maturities from 2 to 50 years, so it’s pacing its financing in a truly strategic, long-term way.