Check Point just locked in $1.5B through a five-year zero-coupon convertible bond offering. What's the game plan? A chunk of that capital's earmarked for share buybacks.

Zero-coupon converts are interesting instruments here—no periodic interest payments, but holders get the conversion option if the stock performs. For the company, it's cheaper debt in the short run. For investors, it's a bet on equity upside with downside protection.

The buyback angle suggests management thinks their shares are undervalued, or they're optimizing capital structure. Either way, it's a confident move—raising fresh capital while simultaneously reducing the float. Classic financial engineering when you believe in your own stock but want flexibility.

Timing matters too. Locking in funding now, before rates shift or market conditions change, gives them runway. Five years is long enough to execute the buyback strategy without immediate refinancing pressure.