Apple’s bonds have seen equity-like returns in the past month

Investors who purchased Apple Inc. bonds in October are now looking at equity-like returns, as prices have climbed while spreads have tightened as Treasury yields fell.
Ciara Linnane for MarketWatch:
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Hopes for one or more rate cuts by the Federal Reserve in 2024 have sparked a rally in Treasurys that has seen the Bloomberg US Aggregate Bond Index, a broad-based fixed-income benchmark, surge 4.91% so far in November as of Wednesday’s close. That puts it on pace for the biggest monthly gain since May 1985, when the monthly return was 5.23%.
The high-grade and highly liquid bonds issued by the iPhone maker have gained up to 15% in price depending on duration, while spreads have tightened up to 22 basis points, since mid-October.
In comparison, Apple’s stock has rallied about 10%.
Given those strong returns, the bonds have seen net selling in the last 10 days, most likely due to profit-taking as the month draws to a close and fund managers seek to lock in some gains.

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MacDailyNews Take: Bonds. Yawn… but also YUM!
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