Japanese issuers are on the verge of topping $100 billion in bond issuance across dollars and euros for the first time ever in any year, as companies from the nation stormed the primary debt market on Tuesday.

At least seven Japanese companies led by financial firms including Nomura Holdings and Mitsubishi UFJ Financial Group kicked off dollar bond sales, in what is expected to be one of the busiest weeks of the year for global debt offerings.

"We are seeing a surge in offshore bond issuances from Japan on the back of an increased M&A pipeline, large foreign currency capex requirements and investment into new technology areas such as AI and data centers,” said Daniel Kim, co-head of debt capital markets for the Asia Pacific at HSBC Holdings. He also pointed to refinancing needs for the issuers.

Companies globally are rushing to sell bonds to lock in some of the lowest yield premiums in dollar debt markets in decades as strong corporate fundamentals and renewed optimism about economic prospects have spurred risk sentiment. Japanese companies are increasingly wielding their balance sheets to undertake acquisitions at home and overseas. Japanese telecom giant NTT sold the biggest dollar and euro bond deal ever in the Asia Pacific in July at $17.7 billion to refinance bridge loans from an M&A transaction.

Japanese issuers have sold $93 billion of bonds across dollars and euros so far this year, up 67% from the year-earlier period, data shows. The annual record to date for issuance from the nation’s borrowers for any full year is about $98 billion, according to the data.

Japanese companies weren’t the only issuers looking to price debt Tuesday in dollars, with State Bank of India and HSBC also marketing notes.