Siemens AG has sold Europe’s largest corporate bond offering in a year on the heels of a credit-rating upgrade.

The engineering and manufacturing company raised €5 billion ($5.4 billion) from a four-part bond dealBloomberg Terminal, with maturities between 4.75 years and 20 years, according to a person familiar with the matter. It drew a final total €15.8 billion of bids, said the person, who asked not to be identified because they’re not authorized to speak.

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