The deal
Apple (rating Aaa/AA+) priced a $7.5bn bond deal on Thursday 5th November. It was the company’s first bond deal since May 2025.
The deal was issued in seven tranches – fixed and floating, and maturities from 2 years to 10 years.
The deal got strong demand – getting peak orders of over $30 billion.
Pricing was tight – 22bps over Treasuries for the two year and 55bps for the 10 year.
The deal was led by Bank of America, Deutsche Bank, Goldman Sachs and JPMorgan.
This article looks at strategic value of Apple issuing this debt – including for building strategic optionality for the company’s future by building access to debt.
