Apple Inc. is again tapping the bond market with a six-part deal of fixed-rate notes that could raise about $7 billion, CreditSights said Monday. The company is planning to issue 2-year, 3-year, five-year, seven-year, 10-year and 30-year notes, said the research firm. “The timing is good for Apple given its excellent fourth-quarter results and strong initial indications for iPhone X demand,” analyst Jordan Chalfin wrote in commentary. “However, it’s unusual for Apple to be so active in the debt markets in the second half of the calendar year. Apple is clearly not waiting on tax reform which the GOP is hoping to be effective for January 1, 2018.” CreditSights is sticking with a market perform recommendation on Apple’s bonds, and remains cautious on the longer maturities, he said. On the equity side, Apple shares were up 1.2% Monday, while the S&P 500 was up 0.1% and the Dow Jones Industrial Average was up 0.02%.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
From:: Stock Market News