Meta is selling at least $15B of dollar bonds in a deal expected to reach at least $20B with a first euro note, Bloomberg reports. It is offering much higher yields than in April, as investors balk at Big Tech’s flood of AI debt.

Meta is selling at least $15B of US dollar bonds, its first debt sale in six months, Bloomberg reported on Tuesday, citing people familiar with the matter.

The two-currency deal is expected to raise at least $20B in total. It includes Meta’s first euro-denominated note, which could be sold as soon as Wednesday.

Meta is paying more to draw buyers. Its 30-year bonds are being discussed at about 2.5 percentage points above US government debt. That is nearly 0.9 points more than the early pricing on a similar bond Meta sold in April.

“We see no need to chase it in the new issue market,” said Ross Pamphilon of Impax Asset Management. He expects Meta and its rivals to keep spending heavily until at least 2027.

Big Tech has sold almost $430B of high-grade bonds since last year. Their bonds now trade at the widest gap over other high-grade debt since 2003. Alphabet paid up for a €6B euro sale on Monday, after Microsoft’s $25B deal last week.

Meta is also selling shares. Last week it priced $25B of common stock and $12.5B of preferred shares, part of its record equity raise.

The bond sale follows S&P’s move on Friday to cut its outlook on Meta’s credit rating over its AI spending.