Apple Looking For OZ Cash Via Bond Debut
Fairfax has reported that Apple has appointed the Commonwealth Bank, Deutsche Bank and Goldman Sachs to arrange a series of investor calls ahead of the potential debut bond issue, with Apple’s treasury team understood to have kept tabs on the Australian bond market.
Apple’s most recent quarterly report revealed that it has US$202.8 billion in cash, cash equivalents and marketable securities.
In April, Apple announced an increase of more than 50 per cent to its program to return capital to shareholders, stating that under the expanded program it plans to utilise a cumulative total of US$200 billion of cash by the end of March 2017.
Apple stated that to assist funding the program it plans to continue to access the domestic and international debt markets.
“It’s terrific that global champions are recognising that they get funding diversification in the Australian bond market,” Fairfax reported Aberdeen Asset Management head of Asia Pacific credit research John Manning as stating.
“Apple should offer good diversification for local investors, but I am sure there will be interest through the Asia Pacific region.”