Although quotes and prices are available, a credit default swap market has not yet developed for Apple's recent bond issue, despite its large size. "I would think CDS will start trading at some point, but this is one of these situations where it's such a cash-rich institution that having CDS on it is less valuable," said William Larkin of Cabot Money Management. "CDS is something you buy if you think the credit will deteriorate. Apple really doesn't need CDS."

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