Capital markets activity among publicly traded IT companies in the US, Canada and Bermuda raised $4.51 billion in March, according to S&P Global Market Intelligence data.

The figure, representing a sequential decline of 79.31% from $21.81 billion in February, is also the sector's lowest total capital raised for the first quarter of 2023.

The biggest share of infotech capital activity in March came from debt offerings at $4.43 billion. Common equity offerings brought in $15.8 million, while preferred security offerings raised $63.7 million.

The three biggest capital offerings were all completed on March 7.

Hewlett Packard Enterprise Co.'s $1.30 billion senior debt offering emerged as the largest and sole billion-dollar IT capital offering in March.

The tech hardware and services provider intends to use the offering's net proceeds, together with those from a concurrent $400.0 million notes offering, to refinance debt and for other general corporate purposes.

* Read more about how infotech M&A activity dropped in March. * Find out why short sellers are boosting their positions against tech stocks despite a recent rally in the sector. * Run a custom screen of capital offerings by industry or geography on S&P Capital IQ Pro's Transactions Statistics page.

Texas Instruments Inc. completed two concurrent offerings, namely $750.0 million of fixed-rate senior unsecured notes and $650.0 million of senior unsecured notes. The chipmaker expects total net proceeds of about $1.39 billion, which would be initially invested in certificates of deposit, US government securities and other interest-bearing securities.

Multiple debt offerings from Intel Corp., Oracle Corp. and International Business Machines Corp. dominated the list of largest infotech capital offerings in the year to date, with gross amounts raised ranging from $1.09 billion to $2.25 billion.

Among infotech subsectors, semiconductor companies remained on top in terms of capital raised with $15.17 billion. IT consulting and other services companies held on to second place with $10.23 billion, followed by systems software companies with an unchanged total since February of $5.26 billion.