Meta Raises Over $20 Billion in Two Days
Meta completed a $15 billion dollar bond sale, with orders reaching $58 billion, roughly 3.9 times covered, a 2056 maturity at about 2.2 percentage points over Treasuries and a ten-year coupon near 6.55%, then raised 9 billion euros in its first euro issue against orders of 53 billion euros. The company guides 2026 capital spending at $135 to 145 billion while reporting negative free cash flow of $2.12 billion in the third quarter, and S&P has cut its outlook to negative. The order books say demand for AI debt is still stronger than supply; the cash flow says why the debt exists.
