ai-markets

SoftBank Pays 9.75% to Close Its OpenAI Bet

Published September 28, 20265 min read

Line chart of SoftBank Group (SFTBY), last 90 days (USD) on a dark background — SoftBank's record $11.1 billion bond sale funds the final tranche of its OpenAI bet — at the highest coupon it has ever paid. Illustration: MarketIntelLabs

SoftBank Group priced $11.1 billion of dollar and euro bonds on September 24, 2026, the largest high-yield corporate bond sale on record according to LSEG data, and the proceeds have one primary destination: a $10 billion payment for the third and final tranche of its $30 billion follow-on investment in OpenAI, which is scheduled to close on October 1. The longest dollar tranche, $4.5 billion maturing April 2034, pays a 9.75% coupon. That is the highest rate SoftBank has ever accepted on dollar debt, and it is the clearest number yet on what it costs a sub-investment-grade borrower to finance an AI position at scale.

Key Takeaways SoftBank priced $11.1 billion of senior notes on September 24,…

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