(Bloomberg) -- Europe’s bond market has had its biggest day of debt issuance since May 9, with 17 issuers selling a total of 23 tranches on Thursday.

The sales take this week’s tally to €45.8 billion ($49.7 billion), the highest weekly total since early September, data compiled by Bloomberg show. Construction materials company Compagnie de Saint-Gobain was the largest transaction at €2 billion, while a triple-tranche deal from Tapestry Inc. to raise €1.5 billion for its acquisition of Michael Kors parent Capri Holdings Ltd. was also in focus. 

The rush follows falling gauges of credit risk and spreads near their tightest this year. Markets have rallied since a soft US inflation print earlier this week fueled bets the Federal Reserve will need to shift sooner to lowering interest rates.

“With global rates rallying after supportive economic data over the last week, issuers are looking to take advantage of a strong window of opportunity in the primary markets,” said Marc Lewell, head of EMEA and APAC syndicate at JPMorgan Chase & Co.

‘Well Received’

On average the bonds sold today have been three times covered by investor orders, the data show. Tapestry’s longest tranche maturing in eight years was the most successful, with more than €4.8 billion of orders for the €500 million deal.

“Pretty much every deal has been very well received by the investor base, with investors fearing that they will struggle to access primary during what is traditionally a very quiet month in December,” Lewell added.

Also in the market were cosmetics manufacturer L’Oreal, Macquarie Group, German energy supplier EnBW Energie Baden-Wuerttemberg AG and truck maker Traton SE, among others. Another luxury company, Kering SA, sold its debut sterling bonds. 

“It has become less costly to fund and many corporates are jumping on the opportunity to lock this in,” said Timothy Rahill, credit strategist at ING Groep.

(Updates with additional comments and details throughout)

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