WASHINGTON, May 7 (Reuters) - Coca Cola on Monday priced a 30-year and 40-year tranche as part of its new investment-grade rated corporate bond at the tightest levels in years, as investors demonstrated relentless demand for current yields.

The global beverage supplier priced 10-year, 30-year and 40-year bonds as part of a $3 billion multi-tranche offering. The bonds priced with spreads 55 basis points, 70 bps and 80 bps over their corresponding U.S. Treasuries.

The spreads on the 10-year and 30-year were the second-lowest since 2022, according to data from Credit Flow Research.

The 10-year's spread was the fourth-narrowest ever, behind a series of issuances by Procter & Gamble , while the 40-year's spread was the second-tightest since 2009, behind Eli Lilly's deal this February.

Monday’s primary activity was the second-most active day since mid-February, according to a JPMorgan research report.

Fourteen borrowers raised a total $13.6 billion in the heaviest day for the investment-grade primary market by deal count since March 11's 16-deal tally, according to a Tuesday BMO report. It is tied for the fourth most in a single day for 2024, the report added.

Current spreads are the narrowest for the investment-grade index observed since September 2021, according to the BMO report. This is just two basis points off the lowest levels since the financial crisis in 2008, the report noted.

Average investment-grade bond spreads currently sit at 88 basis points, according to the ICE BofA U.S. Corporate Index.

Investment-grade bond spreads are tightening as investor demand remains elevated to lock in the current yields before they go away if the Federal Reserve cuts rates.

These bonds were on average paying a yield of 5.55%, just 23 bps down from a 2024 peak of 5.78% reached on April 16, which is the highest since Nov. 27 last year.

Order books for Monday's deals were an average 4.5x oversubscribed, the largest average order book coverage on a day with fourteen borrowers since March 2022, BMO wrote in its report. (Reporting by Matt Tracy; Editing by David Gregorio)