Kames takes a bite of Apple's record $17bn bond sale

Kames Capital has bought into the record $17bn corporate bond issue unveiled by Apple yesterday, saying the deal "has to be a buy" - but other fund managers are not so sure.

Apple sold $17bn worth of bonds on Tuesday, the world's largest ever corporate debt sale, as it seeks to finance plans to return $100bn to shareholders over the next three years. The offering, which included benchmark maturities of three, five, 10 and 30 year fixed-rate bonds, as well as three and five-year floating rate notes, was priced at between 20bps and 100bps over benchmark Treasury yields and said to be heavily over-subscribed. David Roberts, co-head of fixed income at Kames (pictured), said Apple's $145bn cash pile made the issue too good to refuse. "A 50% premium to the r...