SoftBank raised $11.1 billion in high-yield bonds in late September, setting a record that surpasses Numericable’s roughly $10 billion issuance in 2014. The bonds, denominated in both dollars and euros, carry yields approaching nearly 10%, reflecting the steep cost of borrowing for the company. The funds are primarily directed toward fulfilling SoftBank’s commitment to OpenAI, with cumulative investment planned at approximately $65 billion for a roughly 13% stake. Despite challenging borrowing conditions, the offering was oversubscribed, signaling investor confidence. The issuance also refinances portions of bridge loans secured earlier by SoftBank while providing additional liquidity for future acquisitions.
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