Meta's Euro bond issuance sets a subscription record in Europe

(1) The newly issued euro bonds from Meta have traded above par value after issuance, following a record-breaking level of investor demand for a European corporate bond, according to the company. (2) Data compiled by institutions shows that all six tranches of Meta’s bonds, issued with varying maturities, saw their prices rise on Thursday, and even the bid prices were above par value. (3) Banks participating in the underwriting finished the 9 billion euro issuance in six parts on Wednesday, with each tranche priced just below the 100 euro par value. (4) This price increase came after Meta’s record-setting bond issuance. (5) The order book for the deal reached 62 billion euros, far surpassing the 31 billion euro record set by AB InBev a decade ago. (6) Since Meta is offering credit spreads much wider than those of other large-cap tech firms issuing euro bonds—closer to bonds rated several notches lower than Meta’s double-A rating—investor demand continued to grow. (7) Overall, Meta’s euro-denominated bond issuance attracted far greater subscription interest than previous offerings, and its strong performance has continued in the secondary market.