FedEx Corp. is marketing 3 billion euros ($3.4 billion) of bonds, its first non-dollar sale, taking advantage of the lowest borrowing costs in 10 months for foreign issuers.

The sale comprises four notes due between three years and 10 years, according to a person familiar with the matter, who is not authorized to speak publicly and asked not to be identified. It will help the Memphis, Tennessee-based logistics provider finance its planned 4.4 billion-euro purchase of Dutch parcel-delivery company TNT Express NV.

Europe’s credit markets posted one of the busiest months on record in March after the European Central Bank expanded its stimulus program, suppressing corporate borrowing costs. Sales by non-euro area companies including BT Group Plc, Petroleos Mexicanos and America Movil SAB de C.V. helped boost issuance of corporate bonds to 49.4 billion euros, just 400 million euros shy of the all-time high set a year earlier.

“The ECB corporate-bond buying announcement has started to open the floodgates,” said Paul Suter, a London-based fixed-income trader at ECM Asset Management, which manages 5 billion euros of assets. “People are now coming back to their desks after the Easter break so you have to think we will see a good month for issuance during April.”

ECB Announcement

The average yield demanded by investors to hold euro-denominated debt from foreign issuers fell to 1.07 percent on Friday from 1.23 percent on March 9, according to a Bank of America Merrill Lynch index that tracks bonds maturing between one year and 10 years. The ECB announced it would include corporate debt in its asset-purchase program on March 10.

A FedEx official couldn’t immediately comment on the sale when contacted by phone.

Dutch fleet-management company LeasePlan Corp. is also offering 750 million euros of four-year notes, according to a separate person familiar with the matter. The sale comes within a month of a 1.25 billion-euro sale of sub-investment grade notes via Lincoln Finance to help fund the company’s 3.7 billion-euro acquisition last year by a group of investors including TDR Capital LLP, Abu Dhabi Investment Authority, Dutch and Danish pension funds and a unit of Goldman Sachs Group Inc.

A spokesman at LeasePlan declined to comment on the sale.