IBM Borrows on the Cheap

Bloomberg details:

International Business Machines Corp. raised $1.5 billion at the lowest interest rate on record as the credit rally that began in June extended into August on investor confidence the economy won’t slip back into recession.

The 1 percent, 3-year notes from IBM, the world’s biggest computer-services company, have the lowest coupon of the more than 3,400 securities in the Barclays Capital U.S. Corporate Index of investment-grade company debt. Dearborn, Michigan-based Ford Motor Co.’s credit rating was lifted two steps by Standard & Poor’s.

Source: Barclays Capital