The CDS spread has widened by 70 basis points, yet retail bonds still dare to start at 4.8%; Masayoshi Son’s leveraged-game is making your heart race.

SoftBank plans to issue subordinate bonds to individual investors again, with a size of 260 billion yen, a 35-year term, and callable after 5 years; priced on June 5th, with an initial 5-year coupon guidance of 4.8%-5.6%. This move reflects the expansion of AI investment demand and SoftBank's quick return to the retail bond market. It has invested over $60 billion in OpenAI and has reduced a $10 billion margin loan collateralized by OpenAI shares, increasing financing pressure; CDS indicates its credit risk remains high among Japanese companies, expanding by about 70 basis points in recent years.