His analysis showed that eight firms -- led by Apple, Microsoft and Google’s parent Alphabet Inc. -- accounted for almost two-thirds of the overseas cash held by S&P 500 companies. According to the most recent filings, they had over $500 billion in U.S. government bonds and corporate debt, data compiled by Bloomberg show. (The top companies generally hold securities due in under five years, according to Bank of America Corp.’s Hans Mikkelsen.)

Sheltering Profits

Apple, which has become something of a poster child for multinationals accused of sheltering profits overseas, had $60 billion in government debt and about $153 billion in company bonds. Microsoft held almost all its cash in Treasuries and debt issued by federal agencies, totaling $122 billion. Alphabet had $66 billion, with about two-thirds in government securities.

How much money multinationals eventually repatriate is anyone’s guess. But tax experts and analysts agree that whatever they raise from selling bonds will likely go to enrich shareholders.

According to a recent study by Bloomberg Intelligence, the tax overhaul could lead to buybacks jumping by more than 70 percent on an annualized basis to $875 billion. The analysis was based on the growth in completed repurchases in 2004-2005, the last time a tax repatriation holiday was in place.

Apple may increase buybacks by $69 billion, adding to the $166 billion it spent on repurchases from June 2012 to September 2017, according to Gene Munster, a co-founder at Loup Ventures.

“There will be reasons for some very large bondholders to maybe shake some of these bonds out of the portfolio,” said Guy Moszkowski, a banking analyst at Autonomous Research.

Apple spokesman Josh Rosenstock declined to comment on the company’s plans for its debt holdings, as did Microsoft representative Sarah Elson. Google’s Winnie King declined to discuss the company’s plans for its overseas cash before its earnings in February, while Cisco spokeswoman Andrea Duffy said the company is reviewing the tax changes and that it will address the subject on its earnings call next month.

On Wednesday, Apple said it will repatriate hundreds of billions of overseas dollars, pay about $38 billion in taxes on the money and spend tens of billions on domestic jobs, manufacturing and data centers in the coming years. It also told employees it’s issuing stock-based bonuses worth $2,500 each following the new tax law, according to people familiar with the matter.

Nevertheless, Piper Jaffray’s Michael Olson focused on what was left unsaid.