Xstrata Plc and Oracle Corp. led borrowers raising at least $20 billion in the second-busiest day this year for U.S. corporate bond sales.
Xstrata, the world's largest exporter of coal burned by power stations, raised $4.5 billion in four parts, while Redwood City, California-based Oracle sold $5 billion in its first offering in more than two years, according to data compiled by Bloomberg. Sales are the highest since $26.9 billion was raised on March 5.
Borrowing costs on dollar-denominated debt are hovering at unprecedented lows, with average yields on the Bank of America Merrill Lynch U.S. Corporate & High Yield Master index reaching 3.6 percent today. Companies are issuing debt as opportunities on the calendar free from election- and holiday-related disruptions diminish before year-end, according to Simon Mayes at BNP Paribas SA.
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