SoftBank Corp., the mobile unit of Masayoshi Son’s Japanese conglomerate plans to sell about 50 billion yen ($352 million) of bonds, taking advantage of receding uncertainty about the Bank of Japan’s near-term monetary policy and improved sentiment in global credit markets.
(Bloomberg) — SoftBank Corp., the mobile unit of Masayoshi Son’s Japanese conglomerate plans to sell about 50 billion yen ($352 million) of bonds, taking advantage of receding uncertainty about the Bank of Japan’s near-term monetary policy and improved sentiment in global credit markets.
The company, which is part of SoftBank Group Corp., will price the notes as soon as early July, according to an email Monday from SMBC Nikko Securities Inc., one of the deal managers. The proceeds from the offering will be used to repay debt, according to Takatoshi Mori, a spokesman for the issuer.
The market for companies to sell yen bonds has improved in recent months, with spreads on such debt tightening for six straight weeks to around their lowest since late January, according to a Bloomberg index. The Bank of Japan last week left its negative-rate and yield-curve control program unchanged following a decision by the Federal Reserve in the US to pause one of its most aggressive rate-hike cycles ever.
SoftBank Corp. priced a 120 billion yen bond earlier this year in February.
The mobile unit has stronger investment-grade ratings from Japan Credit Rating Agency Ltd. than parent SoftBank Group. The parent was cut further into junk by S&P Global Ratings last month after the Japanese group suffered more losses on unlisted startups in its investment portfolio.
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