A perpendicular magnetic recording disk has an improved recording layer of a granular CoPtCr-based ferromagnetic alloy with inter-granular material made up of one or more oxides of Cr and one or more oxides of one or more of a segregant of Si, Ta, Ti, B, Nb or Hf, wherein the amount of oxygen present in the recording layer is greater than about 22 atomic percent and less than about 35 atomic percent. The amount of oxygen in the recording layer is substantially greater than the amount required for the stoichiometric oxide or oxides of the segregant or segregants, and a substantial portion of the oxygen present in the recording layer is present in the inter-granular material. The recording layer exhibits high signal-to-noise ratio (SNR), a coercivity Hc greater than about 5000 Oe and a nucleation field Hn greater (more negative) than about −1500 Oe.