Corporate Bond Sales Surge Above $23 Billion as Apple Sells Debt
Bond Traders Must Yield to Market's Broken Signals
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Blue-chip companies led by Apple Inc., International Business Machines Corp. and Toyota Motor Corp. raised more than $23 billion in bonds in the U.S. on Tuesday following a week where debt issuance was frozen amid concerns about the health of the global economy.
In what was the second biggest day for debt sales this year, Apple issued $12 billion of bonds in nine parts to return capital to shareholders, according to Bloomberg data. IBM sold $5 billion of notes that will be used for general corporate purposes. Toyota Motor Credit Corp., the financing arm of Asia’s biggest automaker, issued $1.75 billion of debt in two parts.