McDonald’s Corp. sold Canadian dollar bonds for the first time since 2017, joining a string of U.S. companies that have been borrowing in the market to diversify their currency exposure.

The fast food chain sold $1 billion of seven-year loonie-denominated notes at 115 basis points above the government benchmark, according to people familiar with the matter who asked not to be named because they’re not authorized to speak about it. The deal drew orders more than twice its size from 55 buyers. The 2017 deal was also $1 billion in size, with that 2025 maturity having a 3.125 per cent coupon. 

The latest bond sale came on the same day as a $1 billion deal in U.S. dollars. Proceeds of that issuance will likely help refinance US$1.5 billion in 2024 debt, according to a note from Bloomberg Intelligence analyst Jody Lurie. The longer-dated portion of the U.S. dollar deal was sold at 80 basis points above Treasuries.

American firms’ issuance of maple bonds through early May was the second-highest ever, according to data compiled by Bloomberg. On Monday, Electricite de France SA sold $750 million in such debt.