Quick Read
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Apple (AAPL) sold $8 billion of bonds despite holding $137 billion in cash, borrowing to keep funding buybacks and dividends.
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CFO Kevan Parekh said Apple is “no longer using net cash neutral as a target,” ending its goal of running cash down to match debt.
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The 2036 notes pay 5.35%, far above the stock’s 0.31% dividend yield, while Apple buys back shares at a premium multiple.
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Apple (NASDAQ:AAPL) sold $7.5 billion of bonds on November 5, 2026, in a seven-part deal laid out in a term sheet seen by Reuters. It was the company’s first bond sale since May 2025. That earlier deal raised $4.5 billion in four parts on $10 billion of orders.
The stock closed lower at $344.17 during a broad tech selloff. After hours, it slipped to $343.32, down 0.25% as of 7:59 p.m. ET.
Apple ended fiscal 2026 with $136.9 billion of cash, cash equivalents, and marketable securities, so it has little need for the money. It borrowed anyway to keep buybacks and dividends going at a $5.02 trillion valuation.
What Apple Locked In on November 5, 2026
The signed terms include floating-rate notes due 2028 and 2029 of $500 million and $750 million. Their rate is set off the Compounded SOFR (the Secured Overnight Financing Rate, a benchmark for overnight lending).
Fixed-rate notes due 2028, 2029, 2031, 2033 and 2036 make up the rest. The two longest are $1.25 billion and $2 billion, and interest payments begin in 2027.
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The money goes to general corporate purposes. Buybacks and dividends come first, followed by working capital, capital spending, acquisitions, and debt repayment. Apple named these as options and linked the money to none of them. Bloomberg reported orders of about $31 billion, about 4.4 times the planned size, although Apple has not disclosed its order book.
