Xstrata Plc and Oracle Corp. led borrowers raising at least $20billion in the second-busiest day this year for U.S. corporate bondsales.
Xstrata, the world's largest exporter of coal burned by powerstations, raised $4.5 billion in four parts, while Redwood City,California-based Oracle sold $5 billion in its first offering inmore than two years, according to data compiled by Bloomberg. Salesare the highest since $26.9 billion was raised on March 5.
Borrowing costs on dollar-denominated debt are hovering atunprecedented lows, with average yields on the Bank of AmericaMerrill Lynch U.S. Corporate & High Yield Master index reaching3.6 percent today. Companies are issuing debt as opportunities onthe calendar free from election- and holiday-related disruptionsdiminish before year-end, according to Simon Mayes at BNP ParibasSA.
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