On September 20, 2020 Google reported having accumulated well over $130 Billion in cash on its balance sheet, the number that grew by almost 20% over the last year. Yet, just a month earlier, Google issued long-term bonds, raising further $10 Billion. Many other cash-rich companies have also competed debt borrowings during this period.

1. Why would a company like Alphabet raise debt and agree to pay interest of between 1% and 2% per year while at the same time having FREE cash sitting on its balance sheet?