Egan-Jones: Apple's AA+ Bonds Lose Half Value Despite Strong Credit
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September 03, 2026 – New York -- Egan-Jones Ratings Co. has published an analysis showing how a fixed income investor can select a top-tier issuer, complete rigorous due diligence, and still lose roughly half of a position's value.
Apple's 2060 notes have fallen from par to about 51 cents on the dollar
The commentary centers on Apple's 2.55 percent senior notes due 2060, issued in August 2020 at approximately par. The bonds traded near 68 percent of par in December 2023 and have since dropped further, with a Frankfurt Stock Exchange quote of 50.92 on August 27, 2026. Egan-Jones attributes the decline to rising longer-term interest rates, a heavy supply of AI-related debt crowding the market, and broader investor unease, compounded by a security that was priced to perfection at issuance.