Uber Launches Inaugural Five-Tranche Euro Bond Offering with Size TBD
nashnova research
Uber is entering the euro bond market for the first time with a five-tranche fixed-rate offering spanning 3 to 20 years, raising firepower for its Delivery Hero acquisition and European autonomous-driving push.
Why is Uber borrowing in Europe?
This is Uber's first-ever euro bond, covering 3-year, 6-year, 8-year, 12-year and 20-year maturities, all fixed rate.
Goldman Sachs, BNP Paribas, Bank of America, Deutsche Bank and Morgan Stanley are leading the deal; investor roadshows ran September 7–8.
This means → Uber is not raising a single slug of cash. It is locking in the full euro funding curve from short to ultra-long, building a permanent European borrowing platform.
Why are US tech firms flooding into euro debt?
Year-to-date issuance of reverse Yankee bonds — dollar-based companies selling euro-denominated debt — has reached nearly €125 billion (roughly $145 billion), a record pace.
Jumbo deals from Amazon and Alphabet have been the main drivers.
In plain terms = euro-zone rates make euro borrowing cheaper than dollar borrowing right now, so US corporates are lining up.
Where will the money go?
Earlier this year Uber agreed to acquire food-delivery platform Delivery Hero for $14.8 billion; the target's board has voted to accept.
Separately, Uber partnered with UK autonomous-driving startup Wayve to offer driverless rides in London through its app.
This means → Uber's European strategy runs on two tracks — delivery and autonomous driving. Whether the euro bond raise covers the capital needs of both expansions is the market's key validation point.
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