Technology companies from Apple Inc. to Microsoft Corp. have sold more than $100 billion of debt this year even as they sat on more than half a trillion dollars of cash. They did it for two reasons: they wanted to avoid paying taxes, and just because they could.
Bond buyers fleeing negative yields on government debt in Europe and Japan are eager to snap up technology company bonds. The securities are seen as safe while offering higher income than U.S. Treasuries.
“Theres just an insatiable thirst for high-quality investment-grade paper,” said Christian Hoffmann, a Santa Fe, New Mexico-based money manager at Thornburg Investment Management Inc., which oversees about $54 billion in assets.
Tech companies have sold more than $28 billion o…