Investors hooked on the bonds of companies such as Apple Inc. and Oracle Corp. may soon have to look for alternatives if a tax proposal from President-elect Donald Trump becomes reality.

Trump has said he’d temporarily slash the tax rate on funds repatriated to the U.S. by American companies to 10% from 35%, meaning cash-rich companies that according to Bank of America Corp. stash an estimated $860 billion to $1 trillion abroad may no longer need to turn to the bond market as a cheaper alternative to finance share repurchases.

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