SoftBank offers record yields on jumbo junk bonds in AI push - Bloomberg

Janice Huang, Harry Suhartono & Ronan Martin / Bloomberg09-23 09:51

Billionaire Masayoshi Son's SoftBank kicked off what's set to be one of the largest corporate junk bond sales ever as the Japanese conglomerate offers record yields to entice investors.(Sept 23): ...

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The group aims to raise the equivalent of more than US$11 billion ($14.03 billion) in the offering that includes a US$10 billion dollar part and a 1 billion (US$1.1 billion or $1.46 billion) euro portion.\nThe deal is the latest in a flurry of activity by SoftBank in debt markets this year to help fund commitments nearing US$65 billion to ChatGPT creator OpenAI, as well as more M&A in the sector. The moves have put the Japanese investment firm at the epicentre of debt-fuelled bets on artificial intelligence, at a time when the promise of the technology has riveted global markets even as safety concerns about the industry have flared.\nSoftBank is offering record yields in the junk debt sale, though those figures could change by the time the deal actually prices.\nThe conglomerate is marketing US$1 billion of 3.5-year bonds to yield 8.75% to 8.875%, US$4.5 billion of 5.5-year securities at 9.375% to 9.5% and the same amount of 7.5-year notes at 9.75% to 9.875%, the person said. Those would be the highest-ever levels for SoftBank dollar bonds of those maturities, according to data compiled by Bloomberg.\n\nAs of late afternoon Wednesday in Asia, the order book for the dollar part of the deal had exceeded US$30 billion, people familiar with the matter said.\nFor the euro portion, SoftBank is marketing four-year notes at a yield of around 7.5%, and six-year securities at 8.25% to 8.5%. That would be at or near a record for the first part and a record for the longer tranche.\nThe group isn't alone in storming markets for funding, with global AI-related debt issuance already topping US$575 billion in 2026, according to a recent report by Goldman Sachs Group Inc credit strategists.\nSon has downplayed concerns about investments in AI infrastructure, and said earlier this year he expects AI-related industries to account for 20% of global output by 2040, equivalent to US$46 trillion.\nThe flood of AI funding in global financial markets, however, has made some bond investors uneasy. Their concern is that the ever-growing pile of the debt threatens to cause a hangover for markets if the technology fails to pay off for the firms that are making the biggest investments. \nWith price talk for the shortest SoftBank tranche of 3.5 years starting at 8.75% to 8.875%, if the company ended up paying within that range it would be closer to the average market yield of 8.5% on B- rated notes in the US market, several levels below the Japanese company's own rating of BB+, the highest speculative-grade score from S&P, according to data compiled by Bloomberg.\nBroadly, the average yield on dollar bonds rated in the B zone is 7.5% and 6.55% for those rated in the BB area, Bloomberg indices show.\nUploaded by Chng Shear Lane","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":false,"editions":null,"column":"","sentiment":"1","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"isLaohu8Offline":false,"tenantId":"TBGLOBAL","deviceId":"web-server-community-laohu8-v3","version":"4.50.1","shortVersion":"4.50.1","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2669316334","isCrawlerRequest":true}