Meta's Euro-Denominated Bonds Rise Above Par at Listing; €62 Billion in Subscription Orders Sets Record

TechFlow reports that on November 5, Meta's newly issued euro-denominated bonds were trading above par after issuance, after the company attracted a record level of investor subscriptions for a European corporate bond offering. According to Bloomberg-compiled data, all six tranches of bonds with different maturities issued by Meta rose in quoted prices on Thursday, with bid prices also above par.

The underwriting banks completed a €9 billion (about $10.1 billion) six-tranche bond offering on Wednesday, with each tranche priced slightly below €100 per €100 face value. The price increase followed Meta's record bond issuance. The deal's order book reached €62 billion, far exceeding the €31 billion record set by Anheuser-Busch InBev a decade ago.

Investor subscription demand increased because the credit spread offered by Meta was significantly wider than those of other mega-cap technology companies issuing euro-denominated bonds, closer to the levels of bonds rated several notches below Meta's AA rating.

Source: TechFlow