>That sounds bad, but is it really? Ok, so it's not 100% for retiring
>float, but plenty of it is. Interest rates are at historical lows
>and corporate bond issues are plentiful: why *not* swap locked-in
>low rates in order to fund buybacks? Companies sold equity to
>raise cash, for some companies it's the most expensive financing
>they've ever had access to.
Well it violates conventional finance theory: equity funding has never been so cheap. Firms should be issuing oodles of it instead of retiring it.
Doug