Apple pays US premium for euro deal in ‘classic’ Rev Yank

By Michael Turner
18 May 2017

Tech company Apple brought what has been called a “classic” Reverse Yankee trade this week, with the small spread between the issuer and far lower rated names that printed similar deals on the same day highlighting the premium US borrowers stump up for euros.

Apple, rated Aa1/AA+, printed a €1.25bn eight year bond at the tight end of mid-swaps plus 33bp-35bp guidance, down from initial price thoughts of plus 45bp-50bp. It also priced a €1.25bn

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