3M issues $1.75B of 5/10/20yr notes paying 2.65%, 3.065%, and 3.70%, respectively (coupon rates, not YTM): https://www.sec.gov/Archives/edgar/data/66740/000104746920001817/a2241151z424b5.htm As a cyclical company, 3M is paying higher interest rates than (e.g.) PFE and SNY.