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GLD 375.93-1.8%Nov 14 4:00 PM EST
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From: bull_dozer8/13/2020 11:01:57 AM
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Apple Launches Unprecedented Second Bond Offering To Fund Billions In Buyback: How Much Will The Fed Buy

Ten days after Google decided to signal its corporate virtue with the largest ever ESG bond issue to "fight racial inequality", which was just another way of saying funding buybacks which will make the company's ultra rich shareholders even richer, Apple - which at last check had just under $200 billion in cash (most of which however is still offshore) - announced it would also join the recent borrowing boom with its second major bond deal of the year.

Apple, which according to Bloomberg hasn't borrowed in dollars more than once in a calendar year since 2017, is tapping the investment-grade market for the second time since May to take advantage of the record low rates it will have to pay as it prefund the next several billion in buybacks. Other tech giants such as Amazon.com and Google recently got in on the action, outdoing each other to set a new floor for yields.

As per the filed prospectus, the Cupertino company is selling bonds in four parts, of which the longest maturity, a 40-year security, may yield around 135 bps above Treasuries. The other tranches include a 5, 10 and 20 years bond.

zerohedge.com
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