Apple Inc (NASDAQ:AAPL, ETR:APC) is planning to tap the US investment-grade bond market on Monday with a multi-part debt offering, marking the iPhone maker’s first corporate bond sale in two years, Bloomberg reported.
The tech giant is preparing to issue debt in as many as four tranches, with initial price discussions on the longest portion – a 10-year note – around 70 basis points above comparable U.S. Treasuries, a source told Bloomberg.
Apple’s return to the bond market comes during a busy week for US debt issuance, with bankers expecting $35 billion to $40 billion in new sales, largely driven by industrial and technology companies.
Barclays, Bank of America, Goldman Sachs, and JPMorgan are managing the offering, which is expected to price on Monday.
Apple last sold bonds in May 2023, issuing $5.25 billion across five parts, including a 30-year maturity, according to Bloomberg data. The company has reduced its debt load in recent years amid higher borrowing costs.
As of the end of March, Apple reported $92 billion in long-term debt, down from about $113 billion during the same period in 2022.
Shares of Apple were down 2.9% on Monday.