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02.11.26 - 17:18
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Meta Readies Cross-Border Investment Bond Offering (Bloomberg)
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Meta Platforms Inc. is readying a cross-border investment-grade bond offering, testing investor appetite for debt amid growing skepticism about the pace of spending by the companies spearheading the artificial intelligence infrastructure buildout....
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02.11.26 - 16:09
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5 Days Later: Oracle Slides After Blowing Through Entire Four-Year "Hard Cap" In One Morning With $20BN Bond, Stock Offering (ZeroHedge)
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5 Days Later: Oracle Slides After Blowing Through Entire Four-Year "Hard Cap" In One Morning With $20BN Bond, Stock Offering
Another day, another hyperscaler scrambling to raise capital.Just one week after Meta tapped shareholders for up to $95 billion, when we said, well, the obvious...Good for META. Now let's see everyone else's equity offering pic.twitter.com/l0ve6NNBVl— zerohedge (@zerohedge) October 26, 2026
... and just days after Microsoft ended a nearly three-month drought in Big Tech bond issuance with a $25 billion deal, it's Oracle's turn. According to Bloomberg, Oracle (ORCL) this morning launched a $10 billion, six-part sale of US investment grade bonds, with maturities from two to 20 years. Initial price talk on the longest tranche is about 3.6 percentage points over Treasuries.The headlines hit just before 8am:*ORACLE CORP FILES MIXED SHELF*ORACLE KICKS OFF SIX-PART US DOLLAR HIGH-GRADE BOND OFFERINGAnd down 1.1% was just the start. Recall that last Wednesday, OR...
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26.10.26 - 21:48
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Foreign Demand Craters For Ugly, Tailing 2Y Treasury Auction Ahead Of Fed Decision (ZeroHedge)
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Foreign Demand Craters For Ugly, Tailing 2Y Treasury Auction Ahead Of Fed Decision
A week that sees a barrage of macro news, earnings, political developments, capital markets events including the massive Anthropic IPO offering doc and a record equity offering by Meta, also has a flood of coupon issuance to contend with starting with today's $69BN in 2Y paper which sold to tepid demand ahead of this week's FOMC decision.
Let's see how the auction did, starting with the high yield 4.708% which was modestly below last month's 4.787% which was the highest since June 2024. This tailed the When Issued 4.705% by 0.3 bps, the biggest tail since March.
The bid to cover was 2.589, down from 2.627 last month and the lowest since also March, when it dipped to 2.440.
But it was the internals where the biggest surprise, or rather disappointment, was to be found, as foreigners (Indirects) took down just 45.7%, a sharp drop from the 57.8% in September and the lowest since November 2021. Offsetting t...
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12.10.26 - 15:06
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Kapitalmarktprofi Tilmann Galler: Hyperscaler-Emissionswelle: Warum der KI-Boom den Anleihenmarkt verändert (Das Investment)
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Der Aufbau der Infrastruktur für KI prägt längst nicht mehr nur die Aktienmärkte. Weshalb er auch zu einem zentralen Thema am Markt für Investment-Grade-Unternehmensanleihen wird.Das kapitaleffiziente Modell, das die größten US-Technologieunternehmen geprägt hat, verliert an Bedeutung: während die KI-Hyperscaler Alphabet, Amazon, Meta, Microsoft und Oracle die erste Phase des Ausbaus der Künstlichen Intelligenz weitgehend aus ihrem operativen Cashflow finanzierten, nutzen sie nun einen breiteren Mix an Finanzierungsquellen. Denn dieser Ausbau ist zum kapitalintensivsten Investitionszyklus seit dem Telekommunikationsboom um die Jahrhundertwende geworden: Schätzungen zufolge steigen die kumulierten KI-bezogenen Investitionen bis 2030 auf 5,5 Billionen US-Dollar – für......
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09.09.26 - 17:12
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Futures Slide As Brent Tops $100, 10Y Yields Rise Above 4.81% Ahead Of Expanded Treasury Buyback (ZeroHedge)
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Futures Slide As Brent Tops $100, 10Y Yields Rise Above 4.81% Ahead Of Expanded Treasury Buyback
US equity futures are lower as oil continues its ascent, pushing Brent above $100 for the first time since July 24 and pushing 10Y yields to 4.81%. As of 8:15am, S&P futures are trading at session lows, down 0.5% and after erasing early gains, echoing a rally in Asian technology shares that lost momentum as the session progressed. Nasdaq futures are down 0.6% as Mag 7s trade mixed premarket: META +5% after saying early Muse AI usage has “blown way past our projections” with users engaging 10x more than its test cohorts, while AMZN -0.4%. The Treasury Department is expected to announce on Wednesday the size of the next day's operation to repurchase outstanding 10-year to 20-year securities. Treasury 10-year yields trade above 4.81%, rising by 3bps. USD extended losses, trading near a 7 month low.The yen extends gains to trade near 153.30 per dollar, outperforming its G-10 peers. Treasury Sec...
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30.07.26 - 14:36
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Futures Rise As Oil Drops, Bond Selling Slows, Meta Tumbles And Microsoft Soars (ZeroHedge)
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Futures Rise As Oil Drops, Bond Selling Slows, Meta Tumbles And Microsoft Soars
Futures rebound (for now) following yesterday's Fed-induced meltdown as the market is clearly questioning Warsh's credibility and potential usage of non-standard tools to fight inflation, pushing the yield curve to twist steeper and sending 30Y yields to 2 decade highs (last at 5.22%). Pre-mkt, the yield curve is seeing further twist-steepening with 10s and 30s up 1 and 3bp with 2s down 1bp. USD deterioration continues following its worst day in 4 weeks. Commodities are so confused, they are not even responding to the latest MidEast escalation with Energy and Metals lower while Ags remain bid. As of 8:00am ET, S&P futures are 0.6% higher and Nasdaq futs gain 1.3% led by a 9% jump in Microsoft whose cloud unit grew at the fastest clip in four years and the company held the line on spending; while Meta slumps after disappointing revenue guidance failed to offset another capex projection increase. Semis are higher, ...
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