SoftBank Launches $11B Bond Sale Funding OpenAI

SoftBank is marketing more than $11 billion in bonds—$10 billion in dollars and €1 billion in euros—to fund its OpenAI investment. A term sheet circulated on Monday. Dollar bonds span 3.5-, 5.5- and 7.5-year maturities; euro bonds span 4- and 6-year maturities. Proceeds primarily pay SoftBank's $10 billion third tranche for its OpenAI follow-on investment and refinance a $10 billion bridge loan, with any remainder for general corporate purposes. Citigroup and JPMorgan are lead bookrunners; Goldman Sachs and Morgan Stanley also participate. Investor outreach took place in New York. Bonds are expected to price September 24, 2026 and settle September 29, 2026. The OpenAI payment is expected to close October 1, 2026. SoftBank's total OpenAI commitment approaches $65 billion. Ainvest.com cites an implied $730 billion pre-money valuation for OpenAI. SoftBank is rated BB+ by S&P Global Ratings, the highest speculative-grade rating, and the deal could rank among the largest high-yield offerings on record. No factual disputes appear in the record. Next steps are the September pricing and settlement and the October 1 close.