Exxon Mobil Corp raised $9.5 billion in new debt on Monday, with the biggest U.S. oil company attempting to resuscitate its financial capability as bond markets remain open to new transactions.

Exxon charged a lower borrowing price than it did in a similar bond contract nearly a month earlier, an indication of how confidence is slowly returning following a slump in oil markets and a coronavirus-fuelled stock market crash.

Nonetheless, Exxon's funding costs were already higher than before the pandemic broke out. Exxon Mobil, undeterred by falling oil prices, contributed to the hustle and bustle of companies developing a war chest of cash in the coronavirus pandemic.

The oil and gas giant sold a five-part bond bundle, with a yield of 1,571 percent for the shortest parcel due April 2023, while its 30-year bond slug cleared at a yield of 3,452 percent, according to a person with direct understanding of the transaction.

Exxon, in mid-March was among a host of large companies that could pry open the U.S. bond market as the pandemic bore down on American shores, charging investors a 3,482 percent higher yield on a 10-year bond block.

The energy company is off its 52-week low in the midst of a 37 percent rally. However, Exxon Mobil shares have been dropping by more than 50 percent over the past year and with oil prices declining, it's easy to understand why some investors don't crowd on this stock or plenty of other energy stocks, for that matter.

Exxon Mobil announced last week that it would reduce its capital spending by 30 percent in the current year, leading to a 15 percent decrease in cash operating expenses.

Darren Woods, Chairman and chief executive officer of the group, said in a press release earlier last week that the long-term trends that drive the business strategies of the group have not changed.

As an indication of how the borrowing rates of the firm have plummeted in recent weeks, it has priced a 10.5-year bond valued at $2 billion at 185 basis-point premium to US Treasuries paying 2.61 percent. On March 17, Exxon sold $2 billion in debt with a 10-year expiry where the premium was 240 basis points and with a yield of 3.48 percent.     

Exxon earned $1.25 billion in August last year from a 10-year bond with a premium to the U.S. Treasuries of only 75 basis points and a return of 2.4 percent.

The energy firm's latest hurdle comes as highly valued US businesses have been rushing to bond markets for cash in a record clip, stocking up on cash because of the widespread doubts caused by the pandemic.