In a filing made to the U.S. Securities and Exchange Commission, Apple detailed its latest bond sale in the U.S. marketplace. As noted by AppleInsider, the joint book running managers (i.e., underwriters) for this bond sale listed in the SEC filing Goldman Sachs & Company, Bank of America Securities, J.P. Morgan, and Morgan Stanley.
Apple plans to issue notes that mature in 2023, 2025, 2030 and 2050. CNBC reports Apple is looking to sell $8 billion in debt as 10-year yields hovers near an all-time low of 0.637%.
The tech giant has $207.06 billion in cash on hand, up slightly from last quarter. So why do a bond sale? When there’s cheap money available in the bond market, companies such as Apple go after it while rates are still low.
To the best of my recollection, this is the second time that Apple has borrowed money since 2017. In 2018, the new US tax law allowed Apple to repatriate hundreds of billions of dollars that were overseas at a lower tax rate.
