Apple Bonds Stick Buyers With $280.6 Million Loss as Rates Climb
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Apple Inc.’s bonds have lost $280.6 million of market value since buyers snapped up $17 billion of the iPhone maker’s debt last month, declining as yields climb from record lows.
The iPhone maker’s $3 billion of 30-year, 3.85 percent bonds, issued at 99.418 cents on the dollar, dropped 4.3 cents through yesterday to 95.145 cents on the dollar since the April 30 offering, creating a loss of $128.2 million and pushing the yield on the bonds to 4.1 percent, according to data from Trace, the bond-price reporting system of the Financial Industry Regulatory Authority.