Azernews.Az

By Bloomberg

Apple Inc. will sell at least 1 billion Swiss francs ($1.1 billion) of bonds in its debut offering in the currency, according to a person familiar with the matter.

The iPhone maker is marketing a minimum of 700 million francs of bonds maturing November 2024 and at least 300 million francs of notes due February 2030, according to the person, who asked not to be identified because they’re 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.

The 2024 bonds are being marketed at a yield of 25 basis points more than the benchmark midswap rate and the longer-dated securities are being offered at a spread of 35 basis points, the person said.

An official in Apple’s media relations department in London wasn’t immediately able to comment on the bond sale plans when contacted by phone today.