[GenWintergreen]

Sure they can. AAPL issued bonds in 2015.

[greeneggs]

I didn't say they can't issue bonds. I said they can't borrow at negative interest rates, or even negative real interest rates.

Here's what they sold in February 2016, for example (annual inflation was 1.0%):

- $500 million in 1.3% two-year notes issued at a spread of 60 basis points over similar-maturity Treasuries

- $500 million in three-year FRNs (floating rate notes) issued at three-month LIBOR + 82 basis points

- $1.0 billion in 1.3% three-year notes issued at a spread of 60 basis points over similar-maturity Treasuries

- $500 million in five-year FRNs issued at three-month LIBOR + 113 basis points

- $2.25 billion in 1.7% five-year notes issued at a spread of 80 basis points over similar-maturity Treasuries

- $1.5 billion in 2.25% seven-year green notes issued at a spread of 105 basis points over similar-maturity Treasuries

- $2.0 billion in 2.85% ten-year notes issued at a spread of 135 basis points over similar-maturity Treasuries

- $1.25 billion in 3.25% 20-year bonds issued at a spread of 150 basis points over similar-maturity Treasuries

- $2.5 billion in 4.5% 30-year bonds issued at a spread of 190 basis points over similar-maturity Treasuries

http://marketrealist.com/2016/02/investment-grade-corporate-...

[guelo]

That's just part of their tax avoidance schemes. And they did not get negative rates on them.