Apple sold about $7bln of investment-grade bonds, attracting roughly $31bln of
orders—more than four times the deal—and reduced its funding cost. The offering
comprised seven tranches; the longest, maturing in 2036, priced at about 55bp
over US Treasures, tighter than recent similar deals from Microsoft, Meta and
Oracle. Apple is rated S&P AA+ and last issued bonds in May 2025. Proceeds will
be used for general corporate purposes including share buybacks. The deal
appealed to investors seeking to avoid AI-infrastructure debt risk as several
large tech issuers have been raising debt for AI projects. During the offering
US equities sold off and the cost of investment-grade default protection rose as
much as 5.1%.
