Meta Platforms has been on the road in Europe for at least a week, sitting down with fixed income investors in a non-deal roadshow. The meetings covered Meta's credit profile, recent results, strategy and outlook, and gave analysts time with management. People familiar with the discussions said Meta did not provide any timetable for a widely anticipated bond sale.
In this format there is no official mandate, so there is no assurance a European issue follows. A company spokesperson did not immediately respond to a request for comment.
Hyperscalers are combing through global debt markets to help bankroll the AI buildout. Meta has yet to sell bonds outside the dollar market, and its most recent trip to debt investors was a $25 billion, six-tranche deal in April. A non-deal roadshow lets companies update investors without committing to a transaction, which means Meta could opt to wait even if conditions look friendly.
Amazon hit the UK sterling market for the first time this week, raising £4.25 billion ($5.75 billion) and ranking among the biggest overnight borrowers there. Earlier, it sold its inaugural euro bonds with the largest corporate deal ever in that currency, and it has also issued in Swiss francs and notched a record transaction in the Canadian dollar market. Alphabet has been particularly active this year, raising money in euros, pounds, yen, Canadian dollars, Swiss francs and Australian dollars.
Meta has also leaned on off-balance-sheet financing for data centers. One notable example: a BlackRock corporate bond connected to a Meta data center project in Texas drew lighter than typical demand and came with a coupon north of 7.5%.
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If Meta follows its peers into Europe, more high grade supply could show up in non-dollar markets that many savers and income seekers already follow. More issuance can mean shifts in yields and spreads across currencies, which is worth watching if you hold international bond funds or plan to.
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