International Business Machines Corp. is in Canada’s bond market for the first time in 14 years, the latest entrant to what’s been a record year of issuance by foreign firms.
The tech company is offering four- and eight-year notes, according to a person familiar with the matter who asked not to be identified as they’re not authorized to speak publicly. IBM raised $500 million through a sale in 2012, its most recent deal in the currency according to data compiled by Bloomberg.
Proceeds from the new bonds , which are expected to price on Monday, would go toward general corporate purposes, the person added.
Sales of so-called Maple notes by non-Canadian firms have set an all-time high this year, with offerings from the likes of tech giants Amazon.com Inc. and Alphabet Inc. helping to reshape Canada’s corporate-debt market .
IBM, whose latest United States dollar bond sale occurred in January, has seen its performance struggle this year amid weak sales for its computer infrastructure and related software. A focus by the firm on software has fuelled concerns from some investors that the company could be disrupted by artificial intelligence. Its shares are down 19 per cent this year, the third-worst performance in the Dow Jones Industrial Average.