Apple sells bonds in record deal

Updated
Apple
Apple

Apple has sold 17 billion US dollars (£10.9 billion) in bonds in a record deal spurred by the company's plan to placate its frustrated shareholders.

The Cupertino, California-based company sold the bonds in its first debt issue since the 1990s to raise money to pass along to shareholders through dividend payments and stock buybacks. The payments are part of an effort to reverse a 37% drop in Apple's stock price during the past seven months amid intensifying concerns about the company's shrinking profit margins as it faces more competition in a mobile computing market that Apple revolutionised with its iPhone and iPad lines.
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