Here comes what matters to AAPL today Several days ago, when AAPL announced Huge stock buyback program, we have analyzed that it has nothing to do with strategy unless there is any leverage change. Finally, with the disappointed market reaction on the second day, the CFO definitely received tons of phone calls from key stake holders, so that he quickly rushed out with a game with leverage to pump up the stock prices. So here comes a simple math for all, the principle amount of bonds is $17B, assume simple 35% tax rate, so the simple calculation for the value of tax shield will be D*t = $5.95 B. And 940M share outstanding, and hey, do not forget the close to $100B equity retirements, the share outstandings will be around 703M shares. The value increase due to this amount of debt offerings will be $8.46/share. By far, AAPL advances about $12.86 /share, indicating people expect AAPL could progress with more debt offering.