The company issued $17.5 billion of bonds in the United States, after issuing €6.5 billion in Europe.

At $30 billion, it’s the largest high-grade U.S. note sale since 2023, and it drew a record number of orders at $125 billion.

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.