Johnson & Johnson, one of eight U.S. companies with AAA credit ratings, raised $2.6 billion in its biggest bond offering as investors snapped up the highest-quality debt and shunned riskier securities.
The world's largest health-products company took advantage of the demand to enter the market for the first time in four years. The sale, increased from $1.5 billion, was New Brunswick, New Jersey-based Johnson & Johnson's biggest ever.
Johnson & Johnson, the maker of Band-Aids and Tylenol, found demand where many lower-rated companies haven't. Investors have fled all but the safest of securities as U.S. subprime mortgage losses spread into other debt markets.
