SoftBank Group has initiated a bond issuance exceeding $11 billion to finance its third $10 billion investment tranche in OpenAI. The deal, which also covers the refinancing of existing bridge loans, is scheduled to close on October 1.
The offering includes $10 billion in dollar-denominated notes with maturities of 3.5, 5.5, and 7.5 years, alongside approximately $1 billion in euro-denominated notes with 4 and 6-year terms. Dollar tranches are expected to yield between 9% and 10%, while euro tranches are projected in the mid-8% range.
SoftBank holds a BB+ credit rating, classifying the debt as speculative-grade. Despite this, market demand remains high, with preliminary interest exceeding $20 billion and early orders surpassing $8 billion prior to the official launch on September 21.
Pricing for the bonds is anticipated around September 24, with settlement finalized by September 29. This issuance follows a previous bond sale in April 2026, which featured an 8.5% coupon on a 10-year tranche.
