Kraft may sell at least $4 billion of notes due in 3.25, 6, 10 and 30 years, said a person familiar with the offering who declined to be identified because terms aren't set. The Northfield, Illinois-based company won the approval of Cadbury’s shareholders for the 11.7 billion pound ($18.6 billion) acquisition on Feb. 2.

Kraft is marketing its debt as yields on investment-grade corporate bonds rose to 4.623 percent on average yesterday, the highest level since Jan. 13. Investors concerned about the strength of the U.S. economy may favor the foodmaker's debt because its businesses aren't highly susceptible to recession, said William Larkin, who helps manage $500 million at Cabot Money Management in Salem, Massachusetts.

"The food business is less economically sensitive, so it's the perfect play in this kind of marketplace," Larkin said. "Could banks have another leg down? It's possible, if unlikely. Will Kraft be around in 10 years? It's very likely."