Sales of longer-term bonds are accelerating at a record pace inthe U.S., with corporate borrowers from Morgan Stanley to FedExCorp. each selling 30- year debt for the first time in at least adecade.

Issuance of investment-grade bonds maturing in 30 years or moretotals $83.6 billion since year-end, already exceeding the annualtotal in 2010 and 2011, according to data compiled by Bloomberg.Offerings are growing about six times faster than the overallhigh-grade market.

Corporate treasurers are exploiting record-low borrowing costsas the Federal Reserve says it will hold its target interest rateat between zero and 0.25 percent through at least late 2014. Anaverage yield of 4.57 percent on investment-grade securitiesmaturing in 15 years or more is lower than the rate borrowers paidin 2009 to raise funds due in one to three years.

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