SoftBank launches ~$11B junk bonds for OpenAI tranche

Opening

SoftBank launched senior unsecured notes of $10 billion plus €1 billion (~$1.15 billion) to fund its OpenAI investment, a term sheet showed Monday, per Reuters. Reuters (Kane Wu, Yantoultra Ngui) says dollar notes split across 3-1/2-, 5-1/2-, and 7-1/2-year maturities and euro notes across 4- and 6-year maturities. Proceeds fund SoftBank's $10 billion third-tranche OpenAI follow-on expected to close October 1 and general corporate purposes, and cancel a prior $10 billion bridge. SoftBank declined comment on the term sheet. Pricing is expected September 24 with settlement September 29; Fitch assigned BB+. Bloomberg's "$20B early interest" headline appeared on the desk RSS; the full Bloomberg article was not opened in this capture.

The numbers

Issue size — $10B USD + €1B (~$1.15B) — Reuters / term sheet. OpenAI third tranche — $10B, expected close Oct 1 — Reuters / term sheet. Bridge cancelled — $10B — Reuters / term sheet. Price / settle — Sep 24 / Sep 29 — Reuters / term sheet. Rating — BB+ (Fitch) — Reuters.

Why it matters

Separate from SoftBank's Arm share-backed margin loan upsizing: this is cash for a dated OpenAI payment and bridge takeout. Funding flexibility for an AI allocator, not an offtake or GPU absorption print.

Positioning

AI capex durability — Debt market access for a major OpenAI capital partner; does not settle hyperscaler/lab demand.

Connects to

SoftBank Arm margin loan to $25B — Prior financing tool for AI bets (news).

Update — 2026-09-24

Issued, not just launched — CNBC. SoftBank said it issued $10 billion of dollar senior notes and €1 billion ($1.14 billion) of euro notes ($11.1 billion combined). Proceeds fund the $10 billion payment for the third and final tranche of SoftBank’s $30 billion OpenAI follow-on (expected close Oct 1) and general corporate purposes, per CNBC (Jenny Lee). SoftBank shares jumped more than 7% Thursday as Japanese markets reopened after a three-day holiday. CNBC adds the February $30 billion commitment would bring SoftBank’s cumulative OpenAI investment to $64.6 billion and an approximately 13% stake upon completion. Coupon / price marks not in the CNBC piece opened here.

Update — 2026-09-24 PM

Coupons set — SoftBank Group primary release. SoftBank PR (Sep 24): aggregate ~USD 11.1 billion (USD 10B + EUR 1B). USD: $1.0B due Apr 1, 2030 at 8.625%; $4.5B due Apr 1, 2032 at 9.250%; $4.5B due Apr 1, 2034 at 9.750% (issue price 100%; expected issue date Sep 29, 2026). EUR: €500M due Oct 1, 2030 at 7.125%; €500M due Oct 1, 2032 at 8.000%. Ratings BB+ (S&P Japan and Fitch Japan); listing Singapore Exchange. Use of proceeds unchanged: fund the $10B third/final tranche of the $30B OpenAI follow-on (expected close Oct 1, 2026) and general corporate purposes; cancel remaining $10B undrawn under the March 2026 $40B bridge. Reuters restates the same coupon schedule from the filing.