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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.

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