Get the bite on the $2.25bn Apple iBonds issue

Bell Potter


The strength and depth of the Australian corporate bond market is reinforced by one of the world’s biggest and most profitable companies undertaking the largest issue of non-financial corporate debt since BHP in October 2012. With bond issues currently in USD, EUR, GBP, JPY and CHF, Apple is seeking to diversify its global funding by offering debt in the Australian market. Since May 2013, Apple has raise US$50bn (A$68bn) of debt. Apple is currently the world’s largest company by market capitalisation, and is sitting on cash of US$200bn. At the completion of bidding, Apple issued the following tranches: $700m of floating rate debt maturing 28 Aug 2019 at 90BBSW + 65bp, $400m of 2.85% fixed rate debt maturing 28 Aug 2019, priced on a yield of 2.98% (65bp margin to 4 year swap) and $1.15bn of 3.70% fixed rate debt maturing 28 Aug 2022, priced on a yield of 3.80% (110bp margin to 7 year swap). Read the full Fixed Interest Weekly report here: (VIEW LINK)

Bell Potter Securities is a leading Australian stockbroking, investment and financial advisory firm that provides a comprehensive offering of financial services to a diversified client base that includes individuals, institutions and corporations.

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