Yesterday Apple (AAPL) issued $12 billion of dollar-dominated bonds at a small premium over Treasuries (77 bps over Treasuries for $2.5B – 10-year). Last year Apple issued $17B debt at the absolute low yield mark for the year. Last year Lowe’s (LOW), the home improvement chain had less spectacular timing on their smaller, but not insignificant $1B issuance in September near the high yield for the year.
It is probably unfair to spot up Lowe’s as they likely had other considerations than yield for their issuance timing. However, the timing of Apples issuance at last year’s low yield mark and yesterday’s reappearance leaves us to wonder how Treasury yield will look several months from now and if Apple can get is so right two years in a row or if last year was just a coincidence.