Apple breaks record with $17bn bond sale

Apple wowed the debt markets on Tuesday with the largest ever bond deal for a non-financial institution.

The iPhone maker sold a colossal $17bn (£10.9bn) worth of bonds on Tuesday to finance a $100bn cash return to shareholders. The move comes just a week after the firm announced its first drop in quarterly earnings in a decade, pointing to a switch of strategy to satisfy investors. Buyers were thrilled by the offering as demand for the bonds reached over $50bn by midday in New York, according to sources quoted by Reuters. The computer giant's share price climbed on the news, rising 2.94% by the end of the day to $442.78. Apple had no debt before the bond sale, but decided to take ...