Tokyo, 24 September 2026 – SoftBank Group is issuing US$11.1 billion of dollar- and euro-denominated bonds in a transaction set to become the largest corporate high-yield bond sale on record. The Japanese investor is raising capital as its commitments to artificial intelligence expand, including a reported US$64.6 billion investment in OpenAI. The scale of the financing makes the offering a test of investor appetite for leveraged exposure to the AI build-out, not merely another refinancing exercise.
The dollar portion includes US$1 billion of approximately three-and-a-half-year notes, two US$4.5 billion tranches with roughly five-and-a-half- and seven-and-a-half-year maturities, and coupons of 8.625%, 9.25% and 9.75% respectively. Two €500 million tranches carry yields of 7.125% and 8%. These borrowing costs are materially above those of SoftBank’s US$7.3 billion bond sale in 2021. The gap illustrates the price lenders now require for its concentration and financing needs.
Unlock the Full Article
This article is exclusive to The Ledger Asia Subsribers / PAID members.
Already have an account? Log in here
