Apple Said to Hire Banks for First Sale of Bonds in Swiss Francs
(Bloomberg) — Apple Inc. hired Credit Suisse Group AG and Goldman Sachs Group Inc. to arrange its first sale of bonds in Swiss francs, according to a person familiar with the matter.
The iPhone maker will market the securities in the near future, subject to market conditions, said the person, who asked not to be identified because they are not authorized to speak publicly.
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 Cupertino, California-based company can take advantage of record-low funding costs after Swiss government bond yields turned negative.
“Given the rates available in Swiss francs, it has got to be definitely attractive for the company,” said Geraud Charpin, a London-based money manager at BlueBay Asset Management, which oversees more than $65.8 billion. “It’s not like Apple really needs the cash, but when you’ve got cash for nothing, why not take it.”
An official in Apple’s media relations department in London wasn’t immediately available to comment on the bond sale plans when contacted by phone today.
–With assistance from Hannah Benjamin in London.
To contact the reporter on this story: Sally Bakewell in London at sbakewell1@bloomberg.net To contact the editors responsible for this story: Shelley Smith at ssmith118@bloomberg.net Abigail Moses
