It’s a brave new world of finance. This week Procter & Gamble sold $2 billion worth of bonds, including $1 billion of three-year notes with the lowest coupon on record for debt of that maturity. The world’s largest consumer-products company issued $1 billion of securities due in August 2014 that pay a record low 0.7% a year, 52 basis points more than similar-maturity Treasuries, according to data compiled by Bloomberg. P&G also sold $1 billion of 1.45%, five-year notes at a 6...