软银集团在其亿万富翁创办人孙正义的领导下，发行了创纪录的111亿美元垃圾债券，以资助其对人工智慧领域的庞大愿景，特别是用于替换先前为投资OpenAI而签署的400亿美元过渡贷款。为了吸引美国实力雄厚的机构投资者并涉足庞大的债券市场，软银依据美国证券交易委员会的Rule 144A进行发行，并耗费数月进行法律评估，最终将自身定位为专注于科技的战略控股公司，且将Arm的大比例持股列为营运子公司，从而顺利避开《1940年投资公司法》的严格监管限制。
尽管在发行前数月，软银股价曾因市场对人工智慧估值的疑虑及对其过度押注OpenAI的担忧而重挫近五成，但随后受惠于晶片设计大厂Arm股价的反弹，公司股价年内累计上扬约42%，为重返债券市场提供了重要契机。随后，软银高层于9月初展开全球路演，先后前往伦敦与纽约与主要投资者接洽，虽然投资人对公司架构、资料中心进度以及投资规划仍存疑问，但会谈依然激发了强烈的投资意向。
尽管市场面临美国公债殖利率飙升、AI泡沫疑虑升高、OpenAI暂不上市以及旗下SB Energy延后IPO等多重考验，软银依然凭借高达9.75%的吸引力殖利率顺利定价。虽然市场分析师警示大规模前置资本支出恐压缩自由现金流并增加再融资风险，但评级机构与投资人认为，软银保持低于25%的借贷价值比率展现了财务纪律，使得这场跨越三个时区连夜筹备的历史性发行最终圆满完成，也凸显出AI热潮对全球信用市场的深刻重塑。
Under the leadership of its billionaire founder Masayoshi Son, SoftBank Group Corp. raised a record $11.1 billion in a high-yield junk bond offering to finance its ambitious artificial intelligence initiatives, primarily to refinance a $40 billion bridge loan secured for its substantial investment in OpenAI. To tap deep-pocketed institutional investors in the United States and access the massive debt market, SoftBank structured the deal under the SEC's Rule 144A; through months of legal preparation, the conglomerate successfully characterized itself as a technology-focused strategic holding company and treated its majority stake in Arm Holdings as an operating subsidiary, thereby bypassing restrictive regulations under the US Investment Company Act of 1940.
Although the feasibility of such a jumbo bond deal appeared uncertain just months prior when SoftBank's shares plunged nearly 50% amid broader AI valuation concerns and unease over its deep commitment to OpenAI, a subsequent rally in chip designer Arm spurred a strong rebound that left the stock up about 42% for the year. This recovery emboldened SoftBank executives to launch a global marketing blitz in early September across London and New York, where high-level discussions with major European and American investors generated significant indications of interest despite persistent questions regarding corporate structure and data center roadmaps.
Despite headwinds including soaring Treasury yields, mounting debates over a debt-fueled AI bubble, delayed IPO plans for OpenAI and backed provider SB Energy, and analyst warnings that heavy front-loaded capex could strain future free cash flow, SoftBank successfully closed the deal bolstered by an attractive yield reaching 9.75% on its 7.5-year tranche. Investors and rating agency experts acknowledged the inherent credit risks of a BB+ rated issuer, yet found reassurance in SoftBank's strict financial discipline—notably maintaining a conservative loan-to-value ratio well below its target ceiling—culminating in a milestone debt sale that vividly illustrates the growing appetite reshaping global credit markets.