Corporate Borrowing & Debt

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.

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.”