Google Inc., the world's largest Internet-search company, and AAA-rated Johnson & Johnson sold corporate bonds as issuance soared to $49.9 billion in the second-busiest week on record.
Google issued $3 billion of debt in a three-part offering, its first ever, according to data compiled by Bloomberg. J&J's $3.75 billion offering included two-year notes paying the lowest interest rate for bonds of that maturity in records extending to 1999, Bloomberg data show. Sales accelerated 35.2 percent from a week earlier, when $36.9 billion was issued.
Companies from BlackRock Inc. to Texas Instruments Inc. also issued bonds as yields on the debt plunged to the lowest in more than six months. Mountain View, California-based Google borrowed at interest rates comparable to J&J and Microsoft Corp., two of the four U.S. nonfinancial companies with the top debt ratings, as investors embraced bonds from the most creditworthy issuers amid signs the economy is slowing.
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