SoftBank Group raised roughly $11 billion in dollar- and euro-denominated junk bonds in an offering that made the Japanese conglomerate the world’s biggest corporate junk-bond borrower. The company accepted yields above any it had previously paid on its dollar bonds as it sought funding for its artificial intelligence ambitions and commitments nearing $65 billion to OpenAI, the creator of ChatGPT.

The offering included $1 billion of 3.5-year bonds yielding 8.625%, $4.5 billion of 5.5-year bonds yielding 9.25%, and another $4.5 billion of 7.5-year bonds yielding 9.75%, according to a person familiar with the sale. SoftBank also sold €1 billion ($1.14 billion) of euro-denominated notes in two parts, with four- and six-year maturities; the longer tranche yielded 8%, a record for that tenor in the currency. The dollar-bond yields were SoftBank’s highest ever on a day when benchmark U.S. Treasury rates reached two-decade highs.

Orders for the $10 billion dollar portion exceeded $30 billion by late afternoon Wednesday in Asia, allowing SoftBank to cut yields from initial ranges. Even after pricing was lowered, borrowing costs remained largely higher than the company had paid before, according to data cited in the report. SoftBank has also pursued mergers and acquisitions in the sector while borrowing this year to fund its OpenAI commitments.

Some investors viewed the sale as a test of appetite for financing AI amid rapid developments, warnings about technology risks and calls for safeguards on its growth. Global AI-related debt issuance had topped $575 billion in 2026, according to a recent Goldman Sachs report; some bond investors worry debt could leave markets exposed if the technology does not pay off for heavily investing firms. SoftBank’s credit default swap price, which reflects the cost of insuring against nonpayment over five years, rose this month to its highest since April 2025, when the company disclosed a $30 billion OpenAI investment. Masayoshi Son has downplayed concerns about AI infrastructure investments and said earlier this year that AI-related industries would account for 20% of global output by 2040, equivalent to $46 trillion.

SoftBank Group raised roughly $11 billion in dollar- and euro-denominated junk bonds in an offering that made the Japanese conglomerate the world’s biggest corporate junk-bond borrower. The company accepted yields above any it had previously paid on its dollar bonds as it sought funding for its artificial intelligence ambitions and commitments nearing $65 billion to OpenAI, the creator of ChatGPT.

The offering included $1 billion of 3.5-year bonds yielding 8.625%, $4.5 billion of 5.5-year bonds yielding 9.25%, and another $4.5 billion of 7.5-year bonds yielding 9.75%, according to a person familiar with the sale. SoftBank also sold €1 billion ($1.14 billion) of euro-denominated notes in two parts, with four- and six-year maturities; the longer tranche yielded 8%, a record for that tenor in the currency. The dollar-bond yields were SoftBank’s highest ever on a day when benchmark U.S. Treasury rates reached two-decade highs.

Orders for the $10 billion dollar portion exceeded $30 billion by late afternoon Wednesday in Asia, allowing SoftBank to cut yields from initial ranges. Even after pricing was lowered, borrowing costs remained largely higher than the company had paid before, according to data cited in the report. SoftBank has also pursued mergers and acquisitions in the sector while borrowing this year to fund its OpenAI commitments.

Some investors viewed the sale as a test of appetite for financing AI amid rapid developments, warnings about technology risks and calls for safeguards on its growth. Global AI-related debt issuance had topped $575 billion in 2026, according to a recent Goldman Sachs report; some bond investors worry debt could leave markets exposed if the technology does not pay off for heavily investing firms. SoftBank’s credit default swap price, which reflects the cost of insuring against nonpayment over five years, rose this month to its highest since April 2025, when the company disclosed a $30 billion OpenAI investment. Masayoshi Son has downplayed concerns about AI infrastructure investments and said earlier this year that AI-related industries would account for 20% of global output by 2040, equivalent to $46 trillion.