SoftBank's record-yield junk bonds draw more than $30 billion of orders
SoftBank is marketing junk bonds at yields up to 9.875% to raise more than $11 billion toward nearly $65 billion of OpenAI commitments. The yields are the company's highest ever at those maturities, and high-yield buyers are still competing to lend at them.
The Investor · Invest desk
What happened
- A 1 billion euro portion is being marketed at around 7.5% for four years and 8.25% to 8.5% for six years, at or near SoftBank records.
- Nikkei reported on Thursday that SoftBank announced a record $11.1 billion high-yield raise with yields of up to 9.75%.
- Goldman Sachs credit strategists count more than $575 billion of AI-related debt issued worldwide in 2026 so far.
Why it matters
- What it limits constraint With $9 billion of the $10 billion in 5.5-year and 7.5-year notes, SoftBank is locked into its most expensive borrowing rates on most of this money well into the 2030s.
- What doesn't add up contradiction Nikkei's 9.75% ceiling, reported a day after Bloomberg's talk topped out at 9.875%, suggests the longest notes priced at the tight end, so demand, more than buyer reluctance, may have set the price.
- What it sets up precedent Because this deal covers only about 17% of the OpenAI commitment, its yields become the reference price for whatever SoftBank borrows next toward the rest.
Next story · Invest · 2d ago
SoftBank pays up to 9.75% on a record $11 billion junk sale to avoid selling assets it expects to riseConfirmed2 publishers
At the price talk, the three dollar tranches blend to a yield of about 9.48% at the tight end of each range and 9.61% at the wide end [17]. If coupons land near those yields, the $10 billion costs SoftBank roughly $950 million to $960 million of interest a year, before the euro notes are counted [18]. Buyers want a full percentage point more to lend for 7.5 years than for 3.5 years, 9.75% against 8.75% at the bottom of each range [14]. SoftBank put $9 billion of the $10 billion in the two longer maturities [16].
Bloomberg measures the records against SoftBank's own past dollar bonds [2]. Neither report includes a spread over government bonds or a comparison with other AI borrowers. So the sources cannot say whether the record reflects SoftBank's credit, a charge for AI risk, or the general level of rates.
A record yield on a dollar book covered three times over [13] can still resolve in more than one way. The talk may have been set wide to fill the book, with final prices coming in tighter. Nikkei's Thursday report of yields up to 9.75% [5] matches the bottom of the 7.5-year range Bloomberg reported on Wednesday [15]. Or buyers may be charging a real premium for lending into AI, with the talk set just high enough to clear it. Bloomberg noted the figures could change before the deal prices [12].
I think the evidence supports a narrower claim than an AI premium. SoftBank is paying more than it ever has at these maturities [2]. At that price, orders for the dollar notes run at triple the amount on offer [13]. Nikkei's framing is the counter-case: it describes yields high enough to attract investors while caution about AI-linked junk debt grows and gives some of them pause [11].
Scale matters here too. The sale covers about 17% of the nearly $65 billion SoftBank has committed to OpenAI [19], and it follows a run of debt deals this year to fund those commitments and more acquisitions in the sector [6]. Goldman Sachs credit strategists count more than $575 billion of AI-related debt issued in 2026 [9]. Measured against that, one of the largest corporate junk sales ever [4] comes to about 1.9% [20].
Masayoshi Son has played down concerns about AI infrastructure spending, and he expects AI-related industries to account for 20% of global output, or $46 trillion, by 2040 [10]. The longest dollar notes come due around 2034, about six years before that date [21]. The narrower reading is wrong if SoftBank's next trip to the debt market for the rest of the OpenAI money [6] draws orders close to the deal's size at these yields or higher.
What to watch
- Final pricing on the 3.5-year and 5.5-year dollar tranches and the euro notes against their talk of 8.75%-8.875%, 9.375%-9.5% and 7.5%-8.5%.
- Where the new SoftBank dollar notes trade once they start trading in the secondary market.
Information, not investment advice. This story is general information about companies and markets, drawn from cited reporting. It is not a recommendation to buy, sell or hold any security; check the cited sources before acting.
Clarity's read
What the record supports and how the coverage leans. The claims behind it follow.
Reality
- Evidence78
- Adoption72
- Hype gap+12
- Incentives58
- Confidence75
Perspective Coverage
7 publishers- Builder
- Builder 9%
- Operator
- Operator 20%
- Investor
- Investor 71%
Claim ledger
Ranked by verification strength, evidence, and original report placement.
- [1]
SoftBank aims to raise the equivalent of more than $11 billion in an offering that includes a $10 billion dollar portion and a 1 billion euro (about $1.1 billion) portion.
- [2]
Those yields would be the highest-ever levels for SoftBank dollar bonds of those maturities, according to data compiled by Bloomberg.
- [3]
For the euro portion, SoftBank is marketing four-year notes at around 7.5% and six-year notes at 8.25% to 8.5%, at or near a record for the first and a record for the longer tranche.
- [4]
On Sept. 23 SoftBank Group kicked off what is set to be one of the largest corporate junk bond sales ever, offering record yields to entice investors to help fund its investments in AI.
- [5]
SoftBank Group announced Thursday it plans to raise a record $11.1 billion through dollar- and euro-denominated low-rated bonds with yields of up to 9.75%.
- [6]
The deal is the latest in a flurry of SoftBank debt-market activity this year to help fund commitments nearing $65 billion to OpenAI, as well as more M&A in the sector.
- [7]
SoftBank is marketing $1 billion of 3.5-year bonds at 8.75% to 8.875%, $4.5 billion of 5.5-year bonds at 9.375% to 9.5%, and $4.5 billion of 7.5-year notes at 9.75% to 9.875%.
- [8]
As of late afternoon Wednesday in Asia, the order book for the dollar part of the deal had exceeded $30 billion.
- [9]
Global AI-related debt issuance has already topped $575 billion in 2026, according to a report by Goldman Sachs credit strategists.
- [10]
Masayoshi Son has downplayed concerns about AI infrastructure investment and said earlier this year he expects AI-related industries to account for 20% of global output by 2040, equivalent to $46 trillion.
- [11]
Nikkei described rates of up to 9.75% attracting investors even as caution grows on AI debt, with the trend toward AI-linked junk bonds giving some investors pause.
- [12]
The yield figures could change by the time the deal prices.
- [13]
Orders for the dollar portion were about three times the $10 billion on offer.
- [14]
The 7.5-year notes yield one percentage point more than the 3.5-year notes at the low end of each range.
- [15]
Nikkei's reported ceiling of 9.75% equals the bottom of the 9.75%-9.875% price talk Bloomberg reported for the 7.5-year notes, below the 9.875% top of that range.
- [16]
$9 billion of the $10 billion dollar portion sits in the 5.5-year and 7.5-year notes.
- [17]
The blended yield on the $10 billion dollar portion at price talk is about 9.48% at the tight end of each range and about 9.61% at the wide end.
- [18]
If coupons are set near those yields, the dollar notes cost roughly $950 million to $960 million of interest a year.
- [19]
The $11.1 billion sale equals about 17% of the nearly $65 billion of OpenAI commitments.
- [20]
The $11.1 billion sale equals about 1.9% of the more than $575 billion of AI-related debt issued in 2026.
- [21]
The 7.5-year notes, marketed in September 2026, mature around 2034, about six years before Son's 2040 forecast date.
Sources
6 independent publishers whose own reporting we read for this story.
- asia.nikkei.comSoftBank Group plans record sales of high-yield bonds to invest in OpenAI - Nikkei Asia
1 article · September 24, 2026
- cnbc.comSoftBank shares jump over 7% after $11.1 billion bond issuance to fund OpenAI bet
1 article · September 23, 2026
- cryptobriefing.comSoftBank’s junk-bond deal highlights rising capital costs for AI race
2 articles · September 23, 2026
- SoftBank launches $11 billion bonds to fund OpenAI investment
d2461.cms.socastsrm.com
1 article · September 22, 2026
- dealstreetasia.comSoftBank issues $11.1b in bonds to fund OpenAI bet
1 article · September 23, 2026
- en.sedaily.comSoftBank Junk Bond Draws $20 Billion in Demand at Yields Up to 9.875%
1 article · September 22, 2026
- SoftBank offers record yields on jumbo junk bonds in AI push - Bloomberg
sg.finance.yahoo.com
1 article · September 22, 2026