The only major tech company without a penny of debt on its books, Apple stunned the markets last week by announcing it could sell debt for the first time to help fund a $100 billion capital return program for shareholders.

The decision to issue debt for the first time is seen by some in the market as a recognition that the realities of the marketplace have changed. One banker went as far to describe Apple's move as "complete capitulation on the growth story in my opinion." That's certainly negative stretch that will likely come back to bit this banker.

The report concludes that because Apple has no debt outstanding that they'll be able to sell bonds at tighter yield spreads than Microsoft. Given the funding needed and the size of investor demand, many believe Apple would issue debt across multiple maturities and currencies.

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