SoftBank to Issue $11 Billion in Junk Bonds to Finance OpenAI Bet

SoftBank Group is launching what could be one of the largest junk bond offerings on record—more than $11 billion—to fund its accelerating investment in OpenAI, with pricing expected as soon as late September. The Japanese conglomerate is issuing $10 billion in US dollar-denominated senior unsecured notes across three maturities (3.5, 5.5, and 7.5 years) and €1 billion in euro-denominated bonds across two tenors (4 and 6 years), proceeds earmarked for the third tranche of its OpenAI follow-on investment, scheduled to close on October 1.