With about $95 billion of debt outstanding, Oracle is the biggest corporate issuer outside the financial sector in the Bloomberg high-grade index, and it’s planning another $38 billion debt offering.

Overall, 11 companies sold a total of $24.3 billion of U.S. high-grade bonds yesterday, ahead of this week’s Fed meeting.

Tightening credit spreads may say more about the riskiness of U.S. Treasuries than about corporate creditworthiness.

That’s sparked concerns that any setback in earnings from mega tech firms could trigger a broader selloff given their stretched valuations.

The three-part deal’s longest-tenored tranche yields 0.98 percentage point above Treasuries.

Companies borrowed $207 billion in the U.S. investment-grade market last month.

For investment-grade borrowers, “the timing could not be better. ... New-issue concessions are absent, with massive order books for every deal.”

“Issuers are very much incentivized to announce deals today to take advantage of lower rates. The market is fully open.”