Big tech earnings came and went without so much as a hint of plans for corporate bond sales this year, setting up a February drought that hasn't been seen in years.

Technology heavyweights such as Apple Inc. and Microsoft Corp. have made February typically the month of choice to borrow money in the investment-grade market, according to data compiled by Bloomberg. Over each of the past five years, the shortest month on the calendar saw the most or the second-most tech issuance, accounting for nearly 50 percent of the sector's sales in 2018.

But things look set to change this year, as companies have more money on hand after tax legislation made it cheaper to bring back cash from abroad.