Meta Meets With European Credit Investors in Non-Deal Roadshow

Meta Platforms Inc. has been speaking to bond investors in Europe as part of a non-deal roadshow for at least a week as hyperscalers look to tap different global debt markets to fund the AI boom.

The Facebook parent company didn’t give timing on when any widely expected potential bond sale would come to market, according to people familiar with the meetings, who asked not to be identified because the details are private. Meta has never raised debt outside the dollar market before, and it last borrowed in dollars in April through a $25 billion six-part deal.

During a non-deal roadshow, companies meet with investors to discuss their credit and give updates on their latest earnings, strategy and outlook, as well as giving a chance for investment analysts to meet with management. Unlike an official bond mandate, there’s no guarantee it will come to the market in Europe to raise funding.

A Meta spokesperson didn’t immediately respond to request for comment.

This week, Amazon.com Inc. made its debut in the UK sterling bond market, raising £4.25 billion ($5.75 billion), making it one of the biggest borrowers in the market overnight. Amazon had previously tapped euros for the first time with the biggest-ever corporate bond deal in the currency, as well as the Swiss franc and a record offering in the Canadian dollar market.

It’s a well-trodden path this year: Alphabet Inc. has turned to the euro, sterling, Japanese Yen, Canadian dollar, Swiss franc and Australian dollar markets.

As well as unsecured conventional bonds, Meta has completed a number of off-balance sheet data center financing deals. A corporate bond sale by BlackRock Inc. tied to a Meta data-center project in Texas attracted weaker-than-usual demand and priced with a more than 7.5% coupon.