Apple Completes $7.5 Billion Bond Sale

Apple sold $7.5 billion in bonds on November 5, completing a seven-part offering and marking its first bond sale since May 2025. The sale was larger than the $4.5 billion raised in that earlier offering, according to the transaction terms reported by Reuters. The offering comprises floating-rate notes due in 2028 and 2029, along with fixed-rate notes maturing in 2028, 2029, 2031, 2033 and 2036. Interest payments on the fixed-rate notes begin in 2027. The longest-dated notes carry a 5.35% coupon, while coupons across the fixed-rate tranches range from 4.65% to 5.35%. Apple’s filing lists general corporate purposes as the intended use of proceeds, including share repurchases, dividends, working capital, capital spending, acquisitions and debt repayment. It does not specify how much, if any, will go to any particular purpose. Bloomberg reported that investor orders for the deal reached about $31 billion, approximately 4.4 times its planned size. Apple has not disclosed its order book, so the demand figure remains attributed to that reporting rather than a company announcement. The borrowing comes despite Apple reporting $136.9 billion in cash, cash equivalents and marketable...