Corporate issuers from Texas Instruments Inc. to Unilever NV are exploiting near record-low interest rates in the U.S. by selling bonds with unprecedented coupons in the busiest start to a week since March.
Texas Instruments, the largest maker of analog chips, and London- and Rotterdam-based Unilever issued a combined $2.5 billion of debt that each included a record 0.45 percent coupon on three-year notes. Companies have sold or are planning to issue at least $10 billion of debt today, the busiest start to a week since March 19, according to data compiled by Bloomberg.
Borrowers are tapping U.S. credit markets after yields on investment-grade bonds dropped to a record 3.049 percent last week, according to Bank of America Merrill Lynch index data. Investors are attracted to higher-rated companies such as Texas Instruments and Unilever, whose debt is deemed safer as European policy makers struggle to solve the region's fiscal crisis, according to Rajeev Sharma of First Investors Management Co.
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