[jyl]

The HD buyback is a bit extreme but not very much so. Numerous semiconductor companies I follow are repurchasing 1/4 to 13 of shares. Usually using 1/2 cash 1/2 debt, more or less. So, yes, debt has to be sold. But I think there is a continuing demand for debt from investors, and as investors re-discover the merits of cash flow and risk aversion, they'll flock to the higher-quality corporate debt. The debt that I think gets hurt is the speculative stuff that was until recently trading at record low discounts. Of course, I'm not a bond guy.