Apple taps markets for record $17bn funding

Apple has raised $17bn (£10.9bn) via a bond sale, the biggest ever by a non-banking company, to help fund its plan for extra payouts to shareholders. 

Last week, it said it will buy back $60bn in shares, and raise its dividend to shareholders by 15%.

Apple's bond sale, its first in nearly two decades, comes despite the firm having cash reserves of $145bn.

However, most of that money is sitting in accounts outside the US and would be liable for US taxes if repatriated.

At the same time, interest rates in the US are currently near record lows - helping drive down cost of raising funds for companies.

That makes it cheaper for Apple to raise the money through a bond issue, even though it will attract interest payments.