Something Very Bad Is Happening To Meta's Debt

Meta triggered market chaos as aggressive capex and negative cash flow sent shares tumbling and credit protection costs to record highs.

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Fears about what Meta(META) just reported have spread into bonds, both selling and buying, producing a huge UST rally...and more. Facebook's parent unleashed chaos with more capex and negative cash flow. Meta shares dropped more than 6%. Its bonds weakened relative to Treasuries. The price of credit protection on the company jumped to a record.

And that was just the beginning of a big day in bond-land.

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