During a period of financial sector instability that has led to the collapse of five banks since March, Meta Platforms Inc. became the first large technology company to enter the US investment-grade bond market.

Reportedly, the social media giant, which released its earnings report last week, completed a five-part transaction and raised $8.5 billion. The 40-year security, which was the longest part of the offering, has a yield of 192 basis points over Treasuries, which is lower than the initially proposed 215 basis points.

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On Monday, 11 companies offered bonds ahead of the Federal Open Market Committee meeting. The Hershey Company sold $750 million in bonds. Additionally, Comcast Corp. sold a $5 billion, four-part deal. The total amount of bonds set to be priced that day was over $22 billion.

The issuance of corporate bonds has increased following JPMorgan Chase & Co.’s rescue of First Republic Corp. In contrast to March’s banking crisis, where eight potential issuers stepped down, the corporate bond market is flourishing. Meta Platforms Inc. raised $10 billion in 2020’s first-ever corporate bond issue, and they plan to use the funds to finance capital expenditures, repurchase outstanding shares, and make acquisitions or investments.

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Bank of America Corp., JPMorgan, and Morgan Stanley were the book-runners for Meta Platforms Inc.’s recent bond deal. The company has been cutting costs and restructuring its workforce in recent months, but its advertising sales rebounded in Q1. Despite having strong cash flow, the company may be looking to secure additional funds for future bond buybacks, according to Bloomberg report.

Furthermore, according to a note from Bloomberg, Meta Platforms Inc. is likely to continue increasing shareholder returns as free cash flow prospects improve. Schiffman also perceives little credit risk and strong relative value compared to peers, with initial price talk wider. Hwever, representatives for Meta did not respond immediately.