Bloomberg / Reuters · 2026-11-04
Meta Raises €9 Billion in Record-Demand Debut Euro Bond Sale, Following $15B Dollar Tranche — Total Cross-Border Deal Reaches ~$24B
Meta's debut €9B euro bond drew a record €53B ($59.5B) in orders — the largest order book ever for a European corporate deal — after pricing its $15B five-part dollar tranche on Nov 3 at a 7.500% coupon on its 30-year notes (a new high for the company). S&P had already revised its AA- outlook to Negative the prior Friday, citing Meta's narrower AI monetisation avenues. The combined ~$24B cross-border raise, following a $25B April deal and a $30B 2025 deal, signals that AI capex financing costs for even AA-rated issuers are rising materially even as investor appetite remains robust.
Bloomberg / The Daily Upside / technology.org (citing Bloomberg/Reuters) · 2026-11-04
Oracle Prices $10B Five-Tranche Investment-Grade Bond Sale; Shares Drop ~9% as AI Debt Concerns Resurface
Oracle filed and priced $10B of senior notes across five tranches (3–20 year maturities) on Nov 2–3, with demand peaking at ~$38B. The deal forms the debt leg of a capped $20B incremental financing plan (split $10B debt / $10B equity) through FY2030 announced at its investor day, designed to cap leverage concerns. Despite strong demand, Oracle shares fell ~9% on the day, reflecting market anxiety over the company's BBB- rating (S&P downgraded it in July 2026), $125B+ existing notes payable, and negative free cash flow — making it the single largest non-financial issuer in the US IG bond index and the closest traded proxy for AI infrastructure credit risk.
Bloomberg / technology.org / Reuters · 2026-11-04
Alphabet Prices €6B Seven-Part Euro Bond at Notably Higher Yields Than May Deal, Settling November 5
Alphabet raised €6B ($6.7B) on Nov 2 in a seven-tranche euro deal — its second euro sale of 2026 — with coupons ranging from 3.700% (2028) to 5.250% (2045), settling Nov 5. Orders exceeded €17B but Alphabet paid materially higher yields than its €9B May deal, a concrete sign of spread widening for even AA-rated AI capex issuers. With $98.2B in long-term debt as of June 30 and $51.8B in dollar and foreign-currency notes already issued in H1 2026, the deal illustrates how hyperscaler external financing (now 32% of capex vs. 9% in FY24) is repricing across maturities and currencies simultaneously.