Bond Issuer: Cash & Short Term Investments almost equal to Total Debt

A bond is a loan or an IOU. When you buy a bond, you lend your money to a large borrower such as a corporation. The borrower (the issuer) enters into a legal agreement to compensate the lender (you, the bondholder) through periodic interest payments in the form of coupons, and to repay the original sum (the principal) in full on a stipulated date, which is known as the maturity date.

Issuers with that have huge cash balance relative to its total debt reduces the risk of default significantly. Ebay is a bond issuers whereby "Cash & Short Term Investments" almost equal to "Total Debt". 

Ebay 4% 15July2042
Price: 91.00
Yield to maturity: 4.60%
Advance margin: 60%
Leverage Yield to maturity: 8.93% (Assumes borrowing cost is 1.50%)

Moody's: Baa1
S&P: BBB+
Fitch: BBB

Ebay is global online commerce company. The company generates high profit margin, highly recurring revenue streams that produces free cash flow with little seasonality.

Ebay has no inventory, no warehouses and minimal costs - this means that it does not have baggage that impacts many companies during downturn.

Fitch has positive commentary of the bond:
http://mobile.reuters.com/article/idUSFit948926