Credit Morning 04/15/2026

New bond offering and tender offer for 2027 and 2028 bonds|

ODDO BHF SECURITIES LARGE CAPS MORNING NEWS 04/15/2026

Softbank Group : Issuance Focus

SoftBank Group is offering benchmark bonds denominated in USD (fixed-rate tranches of 3.25 years, 5.5 years and 10 years) and in EUR (fixed-rate tranches of 4 years, 6 years and 8 years) rated BB+ by S&P. Proceeds will be used for foreign bond redemptions and a partial repayment of the $ 40bn bridge loan that was raised in March 2026. We see fair yields of 6.25% (4Y), 6.875% (6Y) and 7.25% (8Y) for the EUR tranches.

Softbank Group : Focus Emission

SoftBank Group is offering benchmark bonds denominated in USD (fixed-rate tranches of 3.25 years, 5.5 years and 10 years) and in EUR (fixed-rate tranches of 4 years, 6 years and 8 years) rated BB+ by S&P. Proceeds will be used for foreign bond redemptions and a partial repayment of the $ 40bn bridge loan that was raised in March 2026. We see fair yields of 6.25% (4Y), 6.875% (6Y) and 7.25% (8Y) for the EUR tranches.

France: unpleasant budget arithmetic

If all goes well in 2026 - a somewhat shaky assumption in recent weeks due to the war in the Middle East and the oil crisis - France will be paying almost € 75bn in interest on its debt this year (2.4% of GDP), compared with less than € 30bn in 2020. If all goes well over the next decade - a truly bold assumption - this interest burden will have doubled by 2036 and will absorb almost 4% of GDP, i.e. more than the target set for the defence budget at that time. Such is the implacable arithmetic of running budget deficits and replacing debt issued at low rates with debt issued at higher rates. I...