Japanese conglomerate SoftBank raised $11.1 billion on September 24, 2026, in the largest high-yield corporate bond issuance on record. Most of the proceeds fund the final $10 billion tranche of its $30 billion follow-on investment in OpenAI, bringing its total investment in the ChatGPT maker to $64.6 billion for an approximate 13% stake. The coupons are the highest SoftBank has ever paid, with rates reaching 9.75% on the 7.5-year notes, all rated BB+, one notch below investment grade. SoftBank’s shares have fallen 38% since their June 2026 peak, and its credit default swap spreads widened by 24% between June and October 2026. Investor demand exceeded four times the amount on offer in some tranches, signaling strong appetite for AI exposure despite concentration risk.
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