Apple Returns to Bond Market Seeking About $7 Billion in Seven-Part Sale

The deal is divided into seven parts with maturities of two to 10 years, Bloomberg reported, citing people familiar with the matter. No final decision had been made on the size, which could change depending on investor demand. Two of the tranches are floating-rate notes due in 2028 and 2029, and five are fixed-rate notes maturing between 2028 and 2036, according to Reuters.

The timing sets Apple apart from much of the technology sector. Thursday's sale came during a broad sell-off in tech shares as investors reassess the borrowing and spending behind the build-out of AI infrastructure. Robert Schiffman of Bloomberg Intelligence said in a Bloomberg Television interview that the offering looked opportunistic rather than driven by a need for cash. Unlike several of its large peers, Apple is not raising money to fund a large-scale build-out of AI data centres; other big technology companies have been tapping debt markets heavily this year to pay for their AI expansion, Reuters noted.

Initial price guidance put the shortest fixed-rate notes at about 45 basis points over comparable US Treasuries and the 10-year tranche at about 80 basis points, according to Bloomberg. The floating-rate notes are priced at spreads over the Secured Overnight Financing Rate. Apple carries ratings of AA+ from S&P Global Ratings and Aa1 from Moody's, near the top of the investment-grade scale, and Bloomberg said this is the company's first seven-part bond structure in roughly a decade.

Goldman Sachs, Bank of America Securities, Deutsche Bank Securities and JPMorgan are joint book-running managers, according to a regulatory filing cited by Reuters. Goldman Sachs, Bank of America and Deutsche Bank declined to comment on the size of the offering, Reuters said, and Apple did not respond to its request for comment.

Accounts of how the money will be used differ slightly. Reuters, citing the regulatory filing, said Apple plans to use the proceeds for general business purposes including share repurchases and repaying outstanding debt. Bloomberg listed buybacks, dividends and capital expenditure.

Apple last sold bonds in May 2025, when it raised $4.5 billion in a four-part offering that drew about $10 billion of orders, according to Reuters. Bankers will set the final size and pricing of the new notes once investor orders are in, with the order book likely to be read as a gauge of how much appetite remains for technology debt after this week's market swings.