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SYDNEY, Sept 6 - At least two Asia Pacific banks, led by Commonwealth Bank and DBS Group , have aggressively tapped U.S dollar bond markets to raise $4.75 billion in separate transactions, according to term sheets seen by Reuters.
A post Labor-day rush of bond issuance in the U.S. by global investment-grade-rated companies added renewed pressure on long-end U.S. Treasuries, as some investors switched to buying top-rated corporate debt offering higher yields than those on government bonds. Investors subscribed for more than $2.65 billion of the two- year fixed rate bond, the term sheet showed. The floating rate note attracted over $2 billion in orders from investors.
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