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Peter Tchir, global head of macro.....>

US CORPORATES
US CORPORATES: Peter Tchir, global head of macro strategy at Brean Capital, said
his "favorite long positions in investment grade bonds" are "longer dated bonds
of companies that have large overseas cash and have been issuing bonds to buy
back stock." He cited "Oracle as an example of what has been going on with their
balance sheets for the past 5 years, and why I am comfortable heavily
overweighting bonds of these companies." 
- Tchir likes in investment grade bonds, "companies that have large off-shore
cash," citing "Oracle as a case study (purely to illustrate my pt - I am not
making any comments on the company, management, forward looking, prospects, etc.
- this is strictly an example of the phenomenon that has been occurring)."
- He said "back in 2012, Oracle had less than $15B of debt and over $30B of cash
and short term investments, or 'excess' cash of over $16.5B. That shrunk to less
than $4 billion of 'excess' cash at the start of 2017.
- "Currently Oracle has $67B of cash and short-term investments and $53B of
total debt (all data as calculated by Bloomberg)," he added. "It seems as though
in the past few yrs, the 'excess' cash has peaked in Q3 and reduced in Q4."

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