Despite having plenty of cash, Apple still issues bonds so that it can procure funds at low interest rates, which helps create a tax shield that generates shareholder value. Much of Apple's cash is held overseas, so the company borrows money to fund its stock buyback program and more. Apple just recently issued $6.5 billion in bonds in February.
The bond has an extremely low interest rate of .35%, paying semi-annually on June 10 and December 10. The bond matures on June 10, 2020.
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