Apple leaves little on the table in $12bn party

Apple iphones for new website
By David Rothnie
01 May 2014

Apple’s $12bn bond issue this week would have been remarkable, had it not been for the exceptional events of the past year. But considering that the Aa1/AA+ rated technology darling had issued a $17bn bond almost exactly a year earlier, this week’s deal, while still impressive, was modest by comparison.

With its second issue – not counting a $300m deal in 1994 – Apple could really focus on price, however. Choosing a more modest size helped it command tension, and Goldman Sachs and Deutsche Bank – the only active bookrunners, as they had been last time – made ...

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