註2 The clever economics behind Apple's $17 billion bond offering
註5 Apple will avoid a potential tax bill of up to $9bn by using the proceeds from its $17bn blockbuster bond issue to pay shareholders rather than bringing back cash from abroad.
Apple, which has $100bn worth of offshore cash compared with just $45bn in the US, last month announced it would partly fund a record-breaking $55bn share buyback programme by using money raised in the corporate bond market.
The company will also save around $100m a year from using the debt rather than straight cash. Although the company’s $17bn borrowing from the corporate bond market this week will cost it around $310m a year in interest payments, it will regain about a third of that due to tax deductions.
註7 Research In Motion Limited（BBRY） 15.57 Market Cap: 8.02B
註8 そのほかに、「Dellの時価総額（232億ドル）の約4割」「HPの時価総額（約400億ドル）の約2割強」といった比較も可能か。
註9 Apple currently is trading in the $447 range. Using the 1.85％ interest rate from above, we see Apple will be paying back about $8.26 in interest for each $447 share that it repurchases. At the same time, each share that Apple repurchases will no longer be a share it has to pay a third-party dividend on. Given Apple's new quarterly dividend of $3.05, each repurchased share of Apple will free up $12.20（4 x $3.05）that Apple would otherwise be paying as an annual dividend.
"It's like Apple is paying $8 to save $12," Niu writes.
What's more, the $8/share Apple will repay as interest is completely tax deductible. In contrast, the $12.20 in annual dividend payments per share is not tax deductible.
註10 A warning for US multinationals: Apple sells tax reform short
註11 As Congress Votes to Avert One Fiscal Crisis, Boehner Moves On to Another
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