Apple sells 1.25bn Swiss francs of bonds in debut offering in the currency

Apple sold 1.25 billion Swiss francs (€1.19 billion) of bonds in its debut offering in the currency.

The iPhone maker sold 875 million francs of bonds maturing November 2024 with a coupon of 0.375 per cent and 375 million francs of notes due February 2030 with a coupon of 0.75 per cent, the data show.

The average yield on investment-grade bonds in Swiss francs is 0.42 per cent, Bloomberg bond index data show.

Apple has issued the equivalent of $39 billion of bonds since April 2013, when it sold $17 billion in what at the time was the biggest corporate-bond offering ever.

By borrowing in Swiss francs the company can take advantage of record-low funding costs after Swiss government bond yields turned negative. – (Bloomberg)