Several media outlets are reporting that Apple (AAPL) is preparing to launch a sizable bond offering, as much as $5 billion in varying 5-year, 7-year, 10-year, and 30-year issues. Apple can use the proceeds for a variety of corporate purposes, although most analysts expect the financing to be utilized for share repurchases. As a huge multinational, Apple holds a lot of its cash overseas. If it were to access this cash, it would have to pay a significant repatriation tax, which is why selling bonds to fund share buybacks is a wise capital allocation strategy.