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It doesn’t need the cash, but Verizon Communications recently issued almost $9 billion of new debt, and it’s not alone. It looks as if companies are trying to lock in the current advantageous structure for making debt payments before a new, less-favorable tax proposal is adopted.

While President Donald Trump hasn’t yet released the details of his “phenomenal” tax plan, analysts and investors widely expect that U.S. companies will no longer receive a tax benefit from interest payments paid on their debt. This belief is strong enough that it’s helping to fuel a record pace of investment-grade bond sales this year.

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