This week, Twitter announced its plan to raise at least $1.3 billion by issuing convertible bonds. Unlike some companies that turn to the debt markets, the company doesn’t appear to be in dire need of cash. So what is their grand strategy?

“I don’t think it’s so much ‘What is the big strategy?’ I think the question many people will be asking is: ‘Is there a really meaningful strategy?’” says Nate Elliott, vice president at Forrester Research. He points out that Twitter’s user base, while large, is still closer to Google+ than Facebook, and the company is not yet profitable.

“If Twitter’s revenues matched its notoriety, it’d be doing just fine,” Elliott says.

But bond market investors are not in a skeptical mood, says David Krause, finance professor at Marquette University. “Companies are raising record amounts of debt right now.” 

The primary reason: With near-zero interest rates, other options are slim pickings — a rather unhappy economic indicator. “It’s the result of an economy that is still struggling, and it’s also due to what we’re seeing globally,” says Brian Rehling, chief fixed income strategist at Wells Fargo Advisors. “We’re seeing very weak if not negative growth over in Europe.”

On the positive side, the drive to issue debt now may be motivated by a belief that the macroeconomic picture is going to change. “I think there is a sense from some that this is not going to last,” says Rehling.

“It’s a very opportune time for companies that may not be investment grade to be able to go out and lock in some long-term money at some very attractive rates,” says Krause.

Krause thinks Twitter’s offering will be very attractive to investors.

Even if all it buys Twitter in the short term is more time.