Report
Pierre François Merveille

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.
Underlying
SoftBank Group Corp.

SoftBank Group is a holding company. Domestic Telecommunications business provides mobile communication services, mobile devices, broadband services to retail customers, and telecom services to corporate customers in Japan. Sprint business provides mobile communication services and fixed-line telecommunication services in the U.S. Yahoo Japan business operates Internet-based advertising and e-commerce business. Distribution business distributes mobile devices overseas, and sells software and mobile device accessories in Japan. ARM business designs microprocessor intellectual property and related technology. SoftBank Vision Fund & Delta Fund business is engaged in the investment activities.

Provider
Oddo BHF
Oddo BHF

​Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.

Analysts
Pierre François Merveille

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