$500 bn bond exodus: What may happen as $3 trillion is brought back to US

The great on-shoring could prompt multinationals to lighten up on bonds and use the money to goose their stock prices

Farewell, Ireland: It looks like corporate America will finally bring that cash home.

For years, the likes of Apple Inc. and Microsoft Corp. have stashed billions of dollars offshore to slash their US tax bills. Now, the tax-code rewrite could throw that into reverse.

The implications for the financial markets are huge. The great on-shoring could prompt multinationals -- which have parked much of their overseas profits in Treasuries and US investment-grade corporate debt -- to lighten up on bonds and use the money to goose their stock prices. Think buybacks and dividends.

It’s hard to say how much money