Not many companies can come to market for the first time ever, sell a deal that ends up leaving investors under water, then come back a year later - offering the kind of tight pricing that CFOs usually only ever see in their dreams - and still be greeted by a stampede of orders. Probably not any companies besides Apple, actually. The main lesson to be learnt from Apple's second-ever foray into the bond market last week - assuming anyone learns any lessons, of course - is that the company can pretty much get away with anything. Frustratingly for many bankers (but rather admirably), Apple didn't trawl for freebies from banks desperate for a piece of the mandate, and just went with the two houses -Deutsche Bank and Goldman Sachs - it used the first time around.
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