Recently, SoftBank's movements are quite interesting. There was news that in mid-April, they issued dollar-denominated bonds at the highest interest rate level in history, and this gives us insight into how the market is evaluating them.

Specifically, they raised approximately $1.5 billion and €1.75 billion, but what’s noteworthy is the coupon rate. The 10-year dollar-denominated bonds with an 8.5% rate are at a record high for the company. Since this surpasses the previous high from October last year, it’s clear that the market is raising its risk assessment of SoftBank.

The reason for this situation is probably the significant anxiety over the massive investments related to AI. Part of the funds raised are reportedly being used to repay bridge loans related to investments in OpenAI, but such aggressive investment strategies are being cautiously received by investors.

An increase in the interest rate on dollar-denominated bonds signals a higher risk assessment of the issuing company. The market is likely becoming quite sensitive to SoftBank’s AI investment strategy. It will be interesting to see how this develops moving forward.