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>Do you plan to pay back the entirety of the loan, with interest with the account in French Francs?

Of course. You earn more than enough Francs to cover your expenses; it's just cheaper to borrow money right now than to convert from Pesos.

> If yes, is there any reason to keep the peso account locked up (for lack of a better term) in liquid assets? Perhaps you'd be better served by taking risks with that money?

The problem is precisely that: there's no good place to put that much money. Apple literally can't think of enough things to put all that money to use. Interest inflation rates are pretty low, so keeping it in TBills or whatever isn't really hurting them.

That at least, is my understanding.

Apple is hoping for a tax holiday or tax law change in the U.S. Until that happens, they are happy to kick the can down the road for a while.

Issuing debt in the form of bonds means having to pay interest, but interest rates have been low for some time now.

It's not delaying "the inevitable". It's delaying until there is tax reform, hopefully with better conditions e.g. lower tax rates. Laws are made by humans, after all.