A whale in the corporate bond market is going on a diet.

Apple Inc.’s holdings of company debt shrank in the latest quarter for the first time since 2013, as the maker of the iPhone adjusts to new tax laws. The tech company held about $136 billion of corporate bonds as of the end of March, representing about half its pile of cash and securities, according to a filing this week. Its holdings of mortgage bonds and asset-backed securities also fell, the filing showed.

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