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Apple selling record amount in bonds

NEW YORK (AP) -- Apple Inc. is selling $17 billion in bonds on Tuesday, according to a published report. That would make it the largest corporate bond issue ever.

Apple is selling the bonds in its first debt issue since the 1990s. The company is raising the money to give to shareholders through dividend payments and stock buybacks.

The company has $145 billion in cash, more than enough for the $100 billion cash return program it announced last week. However, most of its money sits in overseas accounts, and the company doesn't plan to bring it to the U.S. until the federal corporate tax rate is lowered.

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