Apple targeting USD8bn to USD10bn from 7-tranche bond -sources

Tue Apr 29, 2014 10:10am EDT

NEW YORK, April 29 (IFR) - Apple is expected to raise between USD8bn to USD10bn from its seven-tranche bond deal, market sources said on Tuesday, lower than the USD17bn-plus deal that some market participants had anticipated.

One of the sources said the company was only expected to price the dollar-denominated deal on Tuesday, amid expectations that the issuer will also target other currencies.

Another market source said that the sterling market is relatively expensive, and that price would be the deciding factor.

Books on the dollar deal were heard to be approaching USD13bn earlier, with demand skewed more heavily towards the 10-year and 30-year bonds. Deutsche Bank and Goldman Sachs are leading the deal. (Reporting by Natalie Harrison, IFR Markets; Editing by Shankar Ramakrishnan)

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