Apple waded into the bond market for the third time in as many years on Monday, raising a larger-than-expected $6.5 billion as part of a $130 billion program to return capital to shareholders.
The deal was just over half the $12 billion Apple issued in April 2014, and much smaller than its $17 billion debut in 2013. At $20 billion, the order book at its peak was about half that seen last time out.
Observers saw the deal as a success, saying the bigger new issue concessions reflected more volatile Treasuries rather than investor weariness with Apple's shareholder-friendly ways.
"The bigger new issue concessions at the long end are completely a function of the market," said one syndicate manager not directly involved with the transaction.
"The $6.5 billion deal was $1.5 billion bigger than expected -- and at concessions that were flat to, say, 8bp across the tranches. (That) is a nice outcome for them, when you compare it to the 10-15bp concessions borrowers were paying at the beginning of January."
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