SoftBank Group Corp. (9984) has priced its 70th series unsecured bond: ¥1tn offered mainly to individual investors at a 4.75% annual coupon over seven years, maturing September 16, 2033. The subscription window ran September 7 to 16, 2026, with payment due September 17. The Japan Credit Rating Agency assigned the bond an A rating dated September 4, 2026.
Most of the money has a job already. Net proceeds come to ¥988.5bn after issuance costs, and SoftBank has committed ¥400bn of that to redeem domestic bonds maturing the same day the new bond settles, September 17, 2026, plus another ¥30bn toward bonds due April 23, 2027. That refinancing housekeeping soaks up close to half the raise before a yen goes anywhere new.
The balance, funnelled through investment and loans to a subsidiary, is meant to help pay for SoftBank's acquisition of ABB's robotics business, which it is targeting to close by December 2026. The filing includes a hedge: if that closing slips well past schedule, or the funding requirement shrinks, SoftBank says it will redirect the remaining proceeds to repay a bridge loan that comes due in March 2027 instead. In other words, the company is not yet certain how much of this bond will actually go toward robots.
| Item | Amount | Detail |
|---|---|---|
| Issue size | ¥1tn | 70th series unsecured bond, 4.75% annual coupon, matures September 16, 2033 |
| Net proceeds | ¥988.5bn | After deducting estimated issuance expenses of about ¥11.5bn |
| Redemption due September 17, 2026 | ¥400bn | Refinances maturing domestic bonds |
| Redemption due April 23, 2027 | ¥30bn | Refinances maturing domestic bonds |
| Remaining proceeds | Balance of ¥988.5bn | Partial funding for the ABB robotics acquisition, targeted to close by December 2026; redirected to repay a bridge loan due March 2027 if closing slips or funding needs shrink |
The distribution reflects SoftBank's familiar retail playbook. Nomura Securities led the 11-firm underwriting syndicate with a ¥240bn allocation, joined by Daiwa, SMBC Nikko, Mizuho, Mitsubishi UFJ Morgan Stanley and six smaller houses, with the offering aimed primarily at individual investors. The bond carries the nickname "Fukuoka SoftBank Hawks Bond," and everyone who subscribes during the offer period gets a promotional tote bag, shipping from late February 2027.
The bond is unsecured and unguaranteed, but it comes with a net-asset maintenance covenant: SoftBank must keep the net-assets section of its balance sheet, measured at the end of each fiscal year, at or above ¥369.8bn for as long as the bond is outstanding. The issue also draws down a shelf registration filed in July 2026; before this offering, and after an earlier ¥90bn tranche in late July, SoftBank had ¥1.41tn left of its ¥1.5tn shelf capacity. Payment settles September 17, 2026, and the ABB closing SoftBank is financing against remains a December 2026 target, not a done deal.