Sales orders reached $42 billion.

After three downgrades, Intel Corp. sold $11 billion in the blue-chip market to help fund capital expenditures, prompting significant demand on Wall Street.

According to the source, Intel aims to use the funds to restructure debt and for general company purposes, including working capital financing.

Investors rush into blue-chip bonds

The falling yields reflect how strong the market for new high-grade paper has become, with the Intel transaction drawing approximately $42 billion in orders.

Intel CEO Pat Gelsinger has made significant investments in an attempt to reestablish the company’s dominance, putting unprecedented strain on the company’s finances as demand for computer components falls and competitors lose market share.

Intel’s capital spending plan for 2022 is $21 billion, which is 50% more than its spending in 2018.

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