SoftBank Issues $11 Billion in Junk Bonds for OpenAI Investment
SoftBank Group Corp. announced a $11 billion bond offering, including $10 billion in dollar-denominated and €1 billion in euro-denominated senior unsecured notes to fund its investment in OpenAI. The deal is set to be the largest non-financial corporate bond issuance from Asia Pacific and Japan since 2021 and among the top global transactions of 2026, according to Bloomberg data. Proceeds will finance SoftBank's $10 billion contribution to a third tranche of its OpenAI investment scheduled for October 1, as well as general corporate purposes. The bonds are expected to carry a BB+ rating from Fitch Ratings and include maturities ranging between 3.5 and 7.5 years in the dollar portion and four- and six-year terms in euros. Citigroup leads bookrunning on the dollar notes while JPMorgan handles euro notes, with additional coordination by Goldman Sachs, Morgan Stanley, and Deutsche Bank. SoftBank's total investment in OpenAI is expected to reach $64.6 billion upon completion of this latest tranche, giving it a 13% ownership stake. The company has issued nearly $15 billion in speculative-grade bonds so far in 2026, more than any other non-financial borrower globally.
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