Meta’s Euro Bonds Surge Past Par Upon Listing, With Record €62 Billion in Subscription Orders

on Nov. 5, Meta's newly issued euro bonds traded above par shortly after issuance. This comes after the company's latest bond offering attracted investor subscription sizes that set a new record for European corporate bond issuances. Data compiled by Bloomberg shows that the six tranches of Meta's bonds quoted on Thursday all saw price increases, with even bid prices rising above par.

Underwriting banks completed the issuance of €9 billion (approximately $10.1 billion) in six bond tranches on Wednesday, with each tranche initially priced slightly below the €100 equivalent per €100 of face value. The price increase follows Meta's record-breaking bond offering. The order book for the transaction reached €62 billion, far surpassing the €31 billion record set by Anheuser-Busch InBev a decade ago.

Because Meta offered credit spreads significantly higher than those of other mega-cap technology companies issuing euro-denominated bonds, and closer to bond levels rated several grades below Meta's AA rating, investor subscription demand continued to increase.