Meta Meets European Bond Investors in Roadshow

Meta Platforms has been speaking to bond investors in Europe for at least a week as part of a non-deal roadshow. Tech hyperscalers are exploring different global debt markets to finance heavy investments in artificial intelligence.

The company has never raised debt outside the US dollar market before. Meta last borrowed in dollars in April through a $25 billion six-part bond deal. According to people familiar with the meetings, Meta gave no specific timing for any potential bond sale, and these roadshows offer no guarantee of a transaction.

Other tech leaders have already diversified their debt internationally this year. Amazon made its debut in the UK sterling market this week by raising £4.25 billion ($5.75 billion) after tapping euros, Swiss francs, and Canadian dollars. Alphabet has also issued bonds in euros, sterling, Japanese yen, Canadian dollars, Swiss francs, and Australian dollars.

Beyond conventional unsecured bonds, Meta has utilized off-balance sheet data center financing. A recent corporate bond sale by BlackRock tied to a Meta data-center project in Texas drew weaker demand and priced with a coupon of more than 7.5%.