The "reverse Yankee" , as offshore fundraising (to raise funds in foreign currencies and fund investments in Dollars) by U.S. firms is dubbed, has been around for years (Reuters: Reverse Yankee' bond sales shrivel as U.S. firms take home dollars). Which one of the following is not a reason US firms are doing this?

a. European Central Bank s unprecedented bond-buying stimulus program made the interest rate very low.

b. Federal Reserve s October 2014 move to end its own bond-buying program and increase the interest rate.

c. Hedging costs to eliminate exchange rate risk in financing become higher for firms.

d. Taxes on the repatriation of foreign profits are high.