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Wednesday, August 16, 2017

Apple to sell C$2.5bn in bonds in Canada

Apple Inc plans to sell C $ 2 . 5 billion ($ 1 . 96 bn ) in bonds in a Canadian- dollar - denominated issue , which will be a record amount for an issuer in the Maple bond market,
Thomson Reuters IFR reported on Tuesday .

The deal will be priced on Tuesday at a spread of 80 basis points over the curve, which compares with unofficial guidance in the area of 83 basis points over the curve plus or minus three basis points , IFR said.

Apple’s size and brand name allow the company to borrow cheaply , said Altaf Nanji, head of corporate research at Manulife Asset Management .

In a regulatory filing on Tuesday , Apple said the proceeds of the transaction will be used for general corporate purposes , including repurchases of common stock and payment of dividends .

An Apple spokesman declined to comment on the size or price of the deal .

(NAN )

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