Company borrowing costs fell to a record in Europe as investors compete with the central bank for limited supply.

Average yields on investment-grade bonds in euros dropped to an all-time low of 0.7 percent on Friday, according to Bank of America Merrill Lynch index data. The Markit iTraxx Europe Index of credit-default swaps on investment-grade companies fell one basis point to 67 basis points on Monday, according to data compiled by Bloomberg.

Companies have sold about 19 billion euros ($21 billion) of investment-grade bonds since the European Central Bank started purchasing the securities on June 8, less than half the amount sold in May, according to data compiled by Bloomberg. The ECB has accumulated more than 13 billion euros of company bonds in that time as it seeks to help stimulate the region's economy.