Apple in $12bn bond issue to finance share buybacks

Fifth return to bond market

Apple has returned to the bond market to issue an estimated $12bn worth of corporate debt to finance share buybacks.

The firm is taking the step despite a $215bn cash reserve on its books, in an effort to return money to shareholders without resorting to its estimated $177bn held overseas at a lower tax rate. The company said it will use the proceeds "for general corporate purposes, including repurchases of our common stock and payment of dividends under our programme to return capital to shareholders, funding for working capital, capital expenditures, acquisitions and repayment of debt". Apple 'bets big' on China despite lower iPhone sales The issue will include both fixed and floating interest r...