(Bloomberg) -- US blue-chip companies unleashed a wave of bond sales on Monday and raised $22.5 billion as borrowers look to sell new debt in a week jam-packed with bond auctions, central bank meetings and fresh economic data. 

Morgan Stanley, Hyundai Capital America and Bristol-Myers Squibb Co. were among 12 high-grade issuers in the market, marking the busiest day for issuance since companies brought 20 deals on Sept. 5 after the Labor Day holiday, data compiled by Bloomberg News shows.

Issuers are likely trying to get ahead of key events this week. Policymakers at the Federal Reserve are set to meet Tuesday and Wednesday, with market participants looking for clues about the outlook for rates. The Bank of Japan kicked off a closely watched policy meeting on Monday, which could bring further changes to its yield-curve control framework. Also, the US government plans to spell out how much debt it intends to sell — with higher yields likely drawing in investor demand for corporate bonds — and US payroll data is scheduled for release on Friday.

Stocks meanwhile are rebounding, US high-grade risk premiums tightened two basis points last week and the spread on a high-grade index of credit default swaps is trading lower, signaling the market’s perception of risk is easing. All three data points hint at a better backdrop for bond sales.

“There is a bit of pent up issuance,” Dominique Toublan, a strategist for Barclays Plc, said in a phone interview. Companies are going to issue while the “coast is clear,” Toublan said. “The next few weeks are quite busy,” he said.

Morgan Stanley sold a $6 billion four-part deal with the longest portion — an 11-year fixed-to-floating rate note — pricing at 175 basis points. Hyundai is selling bonds in three parts, with its five-year fixed-rate tranche set to price at 178 basis points. 

Meanwhile, Bristol Myers Squibb’s four-part transaction is expected to offer investors 135 basis points on the 40-year fixed-rate tranche. The proceeds will be used for the $4.8 billion Mirati Therapeutics Inc. acquisition, according to a CreditSights. 

The companies didn’t respond to requests for comment. 

More issuers may emerge as they exit third-quarter earnings blackouts. Syndicate desks are forecasting around $15 billion to $20 billion of US high-grade bond sales this week, after rate volatility sidelined sales earlier this month. October volume stands at around $78.95 billion so far, compared to earlier estimates of about $85 billion.

(Updates pricing)

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