SoftBank Group raised $11.1 billion through a record high-yield bond sale, with yields reaching 9.75%, to help complete its investment in OpenAI and refinance existing obligations. The offering combined $10 billion in dollar-denominated senior notes with €1 billion in euro notes and drew more than $30 billion in orders. SoftBank’s total OpenAI commitment is approximately $64.6 billion, and its final tranche is expected to close around October 1, 2026, potentially leaving the company with a 13% stake in the ChatGPT maker. Despite rising funding costs, speculative-grade credit and net debt of ¥10.8 trillion, SoftBank shares remain about one-third higher than a year ago. The company’s strategy is to borrow against holdings rather than sell them, preserving exposure to potential appreciation in AI-related assets including OpenAI and Arm. Investors are watching the final OpenAI payment, SoftBank’s credit-default swap spreads, its loan-to-value ratio and changes in OpenAI’s private-market valuation.