Photo: AFPNew York: Apple Inc. is pulling back on buying corporate bonds with its overseas cash as it prepares to bring the money home to the US, according to people with knowledge of the matter. Companies such as Apple have been buying bonds with offshore funds rather than simply holding cash. In one bond offering, participation by tech companies fell to one-sixth of what used to be their typical involvement, according to a syndicate head at another bank. US companies have an estimated $3.1 trillion of corporate cash offshore, most of it in government and corporate bonds. Last week, Apple said it plans to bring its net cash position down to zero, meaning cash levels would equal debt outstanding.

Source: Mint February 06, 2018 13:18 UTC