Global brands including Apple and Shell were among a wave of borrowers that dived into the US bond market in May and fuelled a record month for dollar-denominated debt supply amid a rush to raise financing for mergers and acquisitions and share-buyback programmes.

Investment-grade companies and banks raised around $160 billion of dollar-denominated debt, according to data provider Dealogic, making it the busiest month on record and pipping the $154 billion raised in March. That briefly held the record after eclipsing by $1 billion the previous monthly high set in September 2013 when Verizon Communications sold its record-smashing $49 billion bond.