Photo Credit: Reuters/Lucas Jackson
At first blush, bond investors like Microsoft more than Apple — or perhaps more accurately, they like Microsoft’s more predictable cash flow better. The 10-year bond part of the Cupertino company’s record $17 billion multi-part bond offering (launched April 30 and accounting for $5.5 billion) was priced at 75 basis points over comparable U.S. Treasuries and was trading at 73 basis points above on May Day morning. Last week, Apple’s Redmond rival raised $1 billion with a 10-year bond that yielded just 70 basis points above U.S. Treasuries. But damned cheap money for both tech giants.
