Apple issues bonds worth estimated $12bn

Move would allow the company to pay shareholders without having to repatriate any of $177bn it holds overseas at lower tax rates than in US

Apple announced it was issuing bonds estimated in value at $12bn on Tuesday, despite a current cash reserve of $215bn.

The bond issue, the latest in a series of huge debt issues, will be used largely to return money to shareholders without repatriating any of the estimated $177bn it holds overseas at a tax rate lower than it would be charged in the US.