SoftBank’s Record $11.1 Billion Bond Sale Funds Its OpenAI Bet—at a Steep Price

SoftBank Group raised $11.1 billion through dollar- and euro-denominated high-yield bonds in September 2026, a sale Reuters described as the largest of its kind globally. The proceeds are intended in part to finance a $10 billion payment on its OpenAI investment expected to close October 1. The deal shows that SoftBank can attract lenders for its AI strategy—but also how much it must pay them. 1217

How the sale funds OpenAI

The offering consists of $10 billion in dollar notes and €1 billion in euro notes. Reuters reported that proceeds would fund the third and final $10 billion tranche of SoftBank’s $30 billion follow-on investment in OpenAI, as well as general corporate purposes. The payment was expected to close October 1; the bond sale does not itself establish that the investment has closed. 112

Reported commitments to OpenAI total approximately $64.6 billion, and Reuters said SoftBank’s investments would bring its equity holding to around 13%. Those figures describe the scale of the bet, not cash proceeds already returned to SoftBank. 36

The $11.1 billion deal exceeds the $10.9 billion Numericable sale cited as the previous record in the original comparison by $200 million, or about 1.8%. The provided reporting independently supports SoftBank’s global record designation, but does not verify the Numericable benchmark. 2

What SoftBank agreed to pay bondholders

The dollar offering was split across three maturities, while the euro offering comprised two €500 million tranches. Reported terms were: 149

Currency	Principal	Term	Reported annual rate or yield
US dollar	$1 billion	3.5 years	8.625%
US dollar	$4.5 billion	5.5 years	9.25%
US dollar	$4.5 billion	7.5 years	9.75%
Euro	€500 million	4 years	7.125%
Euro	€500 million	6 years	8%

Applied to the reported dollar rates and principal amounts, the three dollar tranches imply approximately $941 million in annual interest, before fees or any currency-related costs. That calculation excludes the euro notes. 4

Demand allowed SoftBank to lower pricing from initial indications, according to Bloomberg, yet its borrowing costs were still largely higher than it had previously paid. A secondary account puts yields on a comparable June 2021 dollar-and-euro sale at 2.125% to 5.25%; differences in market conditions, currencies and maturities mean the ranges are not a like-for-like measure of how much SoftBank’s credit risk changed. 1517

Why a successful sale can still raise credit concerns

Finding buyers resolves an immediate funding challenge; it does not make the debt inexpensive or ensure the underlying investment generates cash when interest is due. Reuters reported that the scale of SoftBank’s AI investments has contributed to higher yields and a rising cost of insuring its debt against default. 2

The bond sale also sits alongside other borrowing. SoftBank separately set terms for a ¥1 trillion retail bond paying 4.75% annually. Apollo Global Management was reported to be in talks to increase a loan backed by Vision Fund assets from $5.4 billion to $9 billion—not to have completed that increase. Facility limits and proposed loans should not be treated as amounts already drawn or simply added to outstanding bonds. 3641

Credit-default swaps offer another signal of investor caution: Reuters reported a rise in the cost of default protection, while coverage of the Apollo talks described swaps reaching a three-year high. That reflects market pricing of risk, not proof that SoftBank will default. The provided evidence does not establish the precise BB+ ratings, S&P outlook, aggregate debt figure or final terms of the other facilities cited in the original comparison, so those figures should not be used to quantify leverage here. 241

What investors’ reactions do—and do not—show

SoftBank shares rose more than 7% as Japanese markets opened on September 24, according to CNBC. The market was reopening after a three-day holiday, so that move cannot be attributed solely to the bond announcement; the cited account also does not establish a closing-day return. 12

Fitch’s Satoru Aoyama said he was “positively surprised by the market appetite,” capturing the positive side of the transaction: SoftBank secured funding at exceptional scale. The counterweight is its continuing obligation to pay bondholders at the agreed rates, regardless of when its OpenAI stake might become liquid. 24

A future OpenAI listing—or a listing of another SoftBank holding such as SB Energy—could create an opportunity to sell shares, but an IPO would not automatically deliver cash to SoftBank. Sale timing and restrictions would matter. Until an investment produces distributable cash or SoftBank sells an asset, a higher private valuation alone cannot service bond interest. That is the central trade-off of this record deal: funding certainty now in exchange for substantial fixed borrowing costs while investment returns remain uncertain. 1239