Apple launches US$6.5 billion five-tranche bond

Apple has launched a bigger than expected US $6.5bn five-tranche bond on books heard to be around US $20bn. The deal was upsized from US $5bn and includes a US $1.25bn fixed rate tranche at Treasuries plus 42bp; a US $1.25bn seven-year at T+67bp; a US $1.5bn 10-year at T+85bp; a US $2bn 30-year at T+125bp and a US $500m five-year floating rate note at three-month Libor plus 25bp.
The launch spreads for the five, seven and 30-year tranches are at the tight end of guidance levels, set respectively at 45bp area, 70bp area and 125-128bp. The 10-year was launched at the same level as guidance.