Treasuries Drop as Corporate-Bond Issuance Swamps Debt Markets
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Treasury yields touched the highest level in more than a week as the second-busiest day ever in corporate-debt issuance lured investors away from U.S. securities.
Government debt extended losses in afternoon trading as Actavis Plc wrapped up a $21 billion debt sale after receiving investor orders that were more than four times the offering size. That precedes a payrolls report March 6 forecast to show the U.S. added more than 200,000 jobs for a 12th month in February, a reading seen as moving the Federal Reserve closer to raising interest rates.