Corporate Bonds

Apple scales back bond deal, to sell $8B to $10B

An Apple store in San Francisco
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Apple is expected to raise between $8 billion to $10 billion from its seven-tranche bond deal, market sources said on Tuesday, lower than the $17 billion-plus deal that some market participants had anticipated.

One of the sources said the company was only expected to price the dollar-denominated deal on Tuesday, amid expectations that the issuer will also target other currencies. Another market source said that the sterling market is relatively expensive, and that price would be the deciding factor.

Books on the dollar deal were heard to be approaching $13 billion earlier, with demand skewed more heavily towards the 10-year and 30-year bonds. Deutsche Bank and Goldman Sachs are leading the deal.

By Reuters