Royal Dutch Shell Plc, Europe's largest oil producer, plans to issue benchmark debt as it leads corporate bond sales of at least $5.4 billion today in the U.S.

Shell may sell three- and 10-year bonds as soon as today, according to a person familiar with the transaction. The offering will be of benchmark size, typically at least $500 million, and the bonds may be rated Aa1 by Moody's Investors Service.

The company last offered debt in August, issuing $2.5 billion in three parts, including $1 billion of 2.375 percent, 10-year debentures to yield 70 basis points more than similar- maturity Treasuries, according to data compiled by Bloomberg. The bonds traded at 101.1 cents on the dollar to yield 2.25 percent yesterday, according to Trace, the bond-price reporting system of the Financial Industry Regulatory Authority.