Tokyo-based SoftBank, which today functions more as a technology investor than a traditional bank, is preparing to raise more than $11 billion in a bond transaction that could rank among the largest high-yield offerings ever.
According to anonymous sources, the company would issue $10 billion of dollar-denominated bonds across three different maturities and sell €1 billion of euro-denominated bonds with two maturities. Part of the proceeds are intended to finance SoftBank’s next investment round into OpenAI, which the sources said is expected to close next month.
Credit rating and market context
S&P Global Ratings assigns SoftBank a BB+ rating, the highest speculative-grade (non-investment-grade) level at the agency. By contrast, Alphabet and Amazon—identified as two of 2026’s largest corporate bond issuers—carry AA+ and AA ratings respectively, both higher than Japan’s sovereign rating.
Why this matters
The planned transaction is notable because:
- The total target exceeds $11 billion, an uncommon scale for issuers with speculative-grade ratings.
- Part of the capital would be directed to a strategic stake in OpenAI, underscoring SoftBank’s continued financial commitment to the artificial intelligence sector.
Details remain limited while the company and market participants finalize the offering; the reporting entities cited anonymous sources for the information provided.
