Apple Raises $7.5 Billion With Orders Four Times Covered

Apple completed a $7.5 billion bond sale on 5 November with about $31 billion of orders, more than four times covered. It follows Meta’s $15 billion dollar issue and 9 billion euro debut in the same week, both heavily oversubscribed. The signal is not need — Apple carries more cash than either borrower needs — but price: the cheapest borrower in the market chose to lock in funding, which is a statement about where rates are expected to go.