Apple is issuing bonds in Swiss franc. There is an article about it (http://www.cnbc.com/id/102413855 ).
Why cash rich Apple
issued bond? The article here (http://www.forbes.com/sites/spleverage/2013/04/30/debt-averse-apple-sets-6-part-bond-deal-to-establish-funding-yield-curve/
) explains that Apple can save two types
of tax:
“This has meant
that the company’s total capital return program has increased to about $130
billion, and the company may need more cash to fund the program given that a
bulk of its cash reserves are located overseas. Over 85% of of Apple’s cash
reserves are held with its overseas subsidiaries, and the company would face
repatriation taxes if it were to bring the funds back to the United States, which
would be very tax-inefficient. The company has been steadily increasing its
debt load to fund its shareholder returns. Raising debt to repurchase shares is
also attractive from a cash flow perspective, since the company’s borrowing
costs (for the European issue) are lower than its trailing dividend yield,
which stands at over 1.7%. Additionally, since interest payments are tax
deductible, the company would be able to potentially lower its tax burden.”
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