Meh, seems like a straightforward effect of ultra low interest rate that's been well-known for years. See https://seekingalpha.com/article/3672916-buyback-arbi

Meh, seems like a straightforward effect of ultra low interest rate that's been well-known for years. See https://seekingalpha.com/article/3672916-buyback-arbitrage-is-still-in-full-effect https://seekingalpha.com/article/3672916-buyback-arbitrage-i... for several examples of how smart this is. The TLDR is that this is just a company unable/unwilling to lower its dividend yield and arbitraging that yield against low interest rates. Every share it buys back represents a dividend it never has to pay again. A ~2% loan for 30 years in present-value terms is cheaper than a 3% dividend yield into perpetuity for some number of shares it can buy.