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Time Warner, Philip Morris Lead $8.6 Billion Sales (Update1)  

Time Warner Cable Inc., the second- largest U.S. cable operator, and cigarette maker Philip Morris International Inc. led sales of $8.6 billion of debt this week, putting November on pace for the busiest month since June.

Corporate bond issuance has reached $18.6 billion in the U.S. since the end of October, compared with a monthly average of about $26 billion for the last three months, according to data compiled by Bloomberg. Sales fell from $10.8 billion last week, when Altria Group Inc., maker of Marlboro cigarettes, sold $6 billion of debt in the largest offering since May. . . .

Philip Morris, the world's largest publicly traded tobacco company, sold $1.25 billion of 6.875 percent debt maturing in 2014 on Nov. 12 in its first dollar debt sale since May. The notes are rated A2 by Moody's Investors Service and A by Standard & Poor's.

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