{"id":40930,"date":"2017-08-16T09:21:42","date_gmt":"2017-08-16T09:21:42","guid":{"rendered":"https:\/\/www.biphoo.com\/bipnews\/?p=40930"},"modified":"2017-08-16T09:21:42","modified_gmt":"2017-08-16T09:21:42","slug":"apple-sets-record-with-c2-5-billion-maple-bond-market-issue","status":"publish","type":"post","link":"https:\/\/www.biphoo.com\/bipnews\/technology\/apple-sets-record-with-c2-5-billion-maple-bond-market-issue.html","title":{"rendered":"Apple sets record with C$2.5 billion Maple bond market issue"},"content":{"rendered":"<h2 style=\"text-align: justify\"><span style=\"font-size: 18pt\"><strong><span style=\"font-family: Arial, Helvetica, sans-serif;color: #000000\">Apple sets record with C$2.5 billion Maple bond market issue<\/span><\/strong><\/span><\/h2>\n<p style=\"text-align: justify\"><span style=\"font-size: 14pt;font-family: Arial, Helvetica, sans-serif;color: #000000\">Apple sets record with C$2.5 billion Maple bond market issue:- Apple Inc priced its C$2.5 billion ($1.96 billion) in seven-year bonds in a Canadian-dollar-denominated issue, one of the joint book-running managers said on Tuesday, setting a record amount for an issuer in the Maple bond market.<\/span><\/p>\n<p style=\"text-align: justify\"><span style=\"font-size: 14pt;font-family: Arial, Helvetica, sans-serif;color: #000000\">The deal, which also tied as the biggest corporate issue in Canada, was priced at a spread of 80 basis points over the curve, said Brad Meiers, head of debt capital markets and syndication at HSBC Securities (Canada) Inc.<\/span><\/p>\n<p style=\"text-align: justify\"><span style=\"font-size: 14pt;font-family: Arial, Helvetica, sans-serif;color: #000000\">The deal comes as the Maple bond market, which had previously been dominated by foreign banks, attracts more issuance from companies.<\/span><\/p>\n<p style=\"text-align: justify\"><span style=\"font-size: 14pt;font-family: Arial, Helvetica, sans-serif;color: #000000\">AB InBev did a C$2 billion two-tranche deal in May, according to Thomson Reuters IFR.<\/span><\/p>\n<p style=\"text-align: justify\"><span style=\"font-size: 14pt;font-family: Arial, Helvetica, sans-serif;color: #000000\">The pricing compares with unofficial guidance which had been set in the area of 83 basis points over the curve plus or minus 3 basis points.<\/span><\/p>\n<p style=\"text-align: justify\"><span style=\"font-size: 14pt;font-family: Arial, Helvetica, sans-serif;color: #000000\">Apple&#8217;s size and brand name allows the company to borrow cheaply, said Altaf Nanji, head of corporate research at Manulife Asset Management.<\/span><\/p>\n<p style=\"text-align: justify\"><span style=\"font-size: 14pt;font-family: Arial, Helvetica, sans-serif;color: #000000\">In a regulatory filing on Tuesday, Apple said the proceeds of the transaction will be used for general corporate purposes, including repurchases of common stock and payment of dividends.<\/span><\/p>\n<p style=\"text-align: justify\"><span style=\"font-size: 14pt;font-family: Arial, Helvetica, sans-serif;color: #000000\">An Apple spokesman declined to comment on the size or price of the deal.<\/span><\/p>\n<p style=\"text-align: justify\"><span style=\"font-size: 14pt;font-family: Arial, Helvetica, sans-serif;color: #000000\">Despite the size of the deal, investors said it will not erode the capacity of the market to absorb bonds from other issuers after a period of slower issuance throughout the summer.<\/span><\/p>\n<p style=\"text-align: justify\"><span style=\"font-size: 14pt;font-family: Arial, Helvetica, sans-serif;color: #000000\">&#8220;The deal may have taken out some near-term liquidity but it doesn&#8217;t mean that there won&#8217;t be room for other issuers as well, said Darcy Briggs, a fixed-income portfolio manager with the Bissett unit of Franklin Templeton Investments.<\/span><\/p>\n<p><span style=\"font-size: 8pt;font-family: Arial, Helvetica, sans-serif\">Source:-\u00a0https:\/\/www.reuters.com\/article\/us-canada-bonds-apple-idUSKCN1AV228<\/span><\/p>\n<div class=\"fb-background-color\">\n\t\t\t  <div \n\t\t\t  \tclass = \"fb-comments\" \n\t\t\t  \tdata-href = \"https:\/\/www.biphoo.com\/bipnews\/technology\/apple-sets-record-with-c2-5-billion-maple-bond-market-issue.html\"\n\t\t\t  \tdata-numposts = \"10\"\n\t\t\t  \tdata-lazy = \"true\"\n\t\t\t\tdata-colorscheme = \"light\"\n\t\t\t\tdata-order-by = \"social\"\n\t\t\t\tdata-mobile=true>\n\t\t\t  <\/div><\/div>\n\t\t  <style>\n\t\t    .fb-background-color {\n\t\t\t\tbackground: #ffffff !important;\n\t\t\t}\n\t\t\t.fb_iframe_widget_fluid_desktop iframe {\n\t\t\t    width: 630px !important;\n\t\t\t}\n\t\t  <\/style>\n\t\t  ","protected":false},"excerpt":{"rendered":"<p>Apple sets record with C$2.5 billion Maple bond market issue Apple sets record with C$2.5 billion Maple bond market issue:- Apple Inc priced its C$2.5 billion ($1.96 billion) in seven-year bonds in a Canadian-dollar-denominated issue, one of the joint book-running managers said on Tuesday, setting a record amount for an [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":40936,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[13],"tags":[47039,47037,47040,47041],"class_list":["post-40930","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-technology","tag-altaf-nanji","tag-apple-sets-record-with-c2-5-billion-maple-bond-market-issue","tag-brad-meiers","tag-darcy-briggs"],"_links":{"self":[{"href":"https:\/\/www.biphoo.com\/bipnews\/wp-json\/wp\/v2\/posts\/40930","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.biphoo.com\/bipnews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.biphoo.com\/bipnews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.biphoo.com\/bipnews\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.biphoo.com\/bipnews\/wp-json\/wp\/v2\/comments?post=40930"}],"version-history":[{"count":0,"href":"https:\/\/www.biphoo.com\/bipnews\/wp-json\/wp\/v2\/posts\/40930\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.biphoo.com\/bipnews\/wp-json\/wp\/v2\/media\/40936"}],"wp:attachment":[{"href":"https:\/\/www.biphoo.com\/bipnews\/wp-json\/wp\/v2\/media?parent=40930"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.biphoo.com\/bipnews\/wp-json\/wp\/v2\/categories?post=40930"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.biphoo.com\/bipnews\/wp-json\/wp\/v2\/tags?post=40930"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}