SoftBank seeks over 11 billion in junk bonds for OpenAI bet

Masayoshi Son, chairman and chief executive officer of SoftBank Group, speaks at the SoftBank World forum in Tokyo in July. SoftBank Group is seeking the equivalent of more than $11 billion in what would be one of the biggest junk bond deals ever, people familiar with the matter said Monday, as billionaire Masayoshi Son's conglomerate ramps up its investments in ChatGPT creator OpenAI. The company is looking to issue $10 billion of dollar securities across three tenors, and €1 billion ($1.1 billion) of euro notes across two maturities, according to the people, who asked not to be identified as the discussions are private. The money will be used in part to fund a follow-on investment in OpenAI expected to close next month, the people said. The deal may price on Thursday, they added.