Jammies - while your scenario is possible I don't believe it is the case here. Apple has a horde of "cash" or instruments easily converted to cash. The shareholders have been clamouring for the company to start paying it out. If Apple had a good use for the cash it would have reinvested it into the business, but what they are doing is admitting that it has no better use it but to return it. But knowing that repatriating this cash will cause a large tax hit, it instead issued bonds accomplishing the task without paying the taxes.
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