Meta Sells $15 Billion of Dollar Bonds and Pays More Than in April to Borrow, With Its First Euro Notes Due Next
Meta raised $15 billion in a five-part U.S. dollar bond sale on November 3, Reuters reported, its first debt sale in six months. Orders reached about $58 billion, but the 30-year bond priced 2.2 percentage points over Treasuries, close to 0.9 points more than a similar bond in April, according to reports. Meta's first euro-denominated notes could follow as soon as November 4, taking the deal above $20 billion. The sale comes days after S&P moved Meta's outlook to negative over its AI spending.
Meta can still borrow as much as it wants for AI; it just has to pay more for it. Meta raised $15 billion through a five-part U.S. dollar bond offering on November 3, Reuters reported, as it turns to debt markets to help pay for its AI infrastructure. Investors put in orders of about $58 billion, roughly 3.9 times the amount sold, Korea's Financial News reported, citing foreign media.
The price of the money#
The longest tranche, due in 2056, priced at 2.2 percentage points over U.S. Treasuries of the same maturity, according to Financial News. That was tighter than the roughly 2.5 points first discussed, but close to 0.9 points more than Meta paid on a similar bond in April, Financial News and The Next Web reported. Big Tech bonds are trading at their widest gap over other high-grade debt since 2003, The Next Web said, citing Bloomberg.
"We see no need to chase it in the new issue market," Ross Pamphilon of Impax Asset Management told Bloomberg, according to The Next Web.
Euros next#
Meta's first euro-denominated notes could be sold as soon as November 4, and the two sales together are expected to raise more than $20 billion, Financial News reported. CNBC, citing people familiar with the matter, reported a target of $20 billion to $25 billion, two-thirds in dollars and one-third in euros. Meta declined to comment to CNBC.
Why Meta is borrowing#
Meta told investors last month that full-year capital spending will be $135 billion to $145 billion, and it reported negative free cash flow of $2.12 billion for the quarter, CNBC reported. The bond sale follows its $95 billion funding plan and S&P's move to a negative outlook, which CNBC said took Meta from AA- stable to AA- negative. It also comes a week after Microsoft's $25 billion bond sale, its first since 2017.
Limits#
- The order book, spreads and April comparison come from reports citing people familiar with the deal; Meta has not published the terms we cite.
- Size targets differ: CNBC reported $20 billion to $25 billion in total, while Financial News and The Next Web said more than $20 billion.
- The euro sale had not priced when we published.
Sources#
- Reuters via Investing.com: Meta raises $15 billion in five-part US bond sale (November 3, 2026)
- Financial News: Meta completes 20 trillion won bond sale as orders reach four times target (November 4, 2026)
- CNBC: Meta seeks to raise up to $25 billion in debt sale as AI spending jumps (November 3, 2026)
- The Next Web: Meta pays up to borrow $15B as investors grow wary of AI debt (November 3, 2026)