Meta Raises €9B in Debut Euro Bond Sale, Orders Top €62B

The record euro order book says more about Europe's hunger for yield than about conviction in Meta's AI spending, and the two are now hard to separate: a hyperscaler borrowing in a new currency is effectively exporting its AI capex story to European credit investors. That matters most for the region's corporate bond market, where a single mega-deal of this size can absorb demand that might otherwise have gone to other issuers. Whether the caution around AI shows up in future spreads on such deals, rather than in oversubscription, is the open question.