Social media giant Meta Platforms is preparing its first step into the bond market — a four-part offering that reportedly will raise $8 billion to $10 billion, according to Bloomberg. The parent of Facebook and Instagram is just the latest tech concern to tap the credit market.
On Aug. 1, Apple priced a $5.5 billion deal, with maturities ranging from 2032 to 2052. The largest slice was $1.75 billion in a 2052 bond with a 3.95% coupon, pricing with a 105 basis point spread over the relevant Treasury security. As of Wednesday, the spread had widened to 108 basis points. On the other three issues, spreads increased modestly by 1 to 4 basis points.