Covid-19: Apple issues cheapest bonds in years to fund buy-backs, dividends

The technology company raised $8.5 billion by selling four different bonds with maturities ranging from three years to 30 years

Apple Inc on Monday capitalised on the Federal Reserve's emergency measures in response to the coronavirus outbreak to issue its cheapest bonds in years, making it the latest blue-chip company to do so to fund stock buybacks and dividends.

Apple's offering illustrates how companies with the best credit ratings are boosting shareholder returns by tapping cheap debt made available through the Fed's backstopping of the credit markets. Apple shares are virtually flat year-to-date, compared with a 12 per cent drop in the S&P 500 Index.

The technology company raised $8.5 billion by selling four different bonds with maturities ranging from