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02.10.26 - 04:01
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"The Cycle′s TXU?": Paramount′s Record Bond Offering Craters Before The Ink Is Dry (ZeroHedge)
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"The Cycle's TXU?": Paramount's Record Bond Offering Craters Before The Ink Is Dry
On Monday we flagged that September was shaping up as the worst month for junk since 2022. We also noted that Paramount's $12.4 billion high-yield tranche would be bigger than SoftBank's recently issued record $11 billion junk deal. The next morning the company kicked off the high-grade portion. By Tuesday afternoon it reported $109 billion of demand.
With so much excess demand, the offering was supposed to fly off the shelves. It did not: the deal priced on Wednesday, the same day a judge accepted the states' settlement and the merger was scheduled to close on Oct. 6. It is the biggest takeover financing Hollywood has seen, for the biggest Hollywood buyout ever. Paramount won Warner Bros. from Netflix back in February.
While underwriters usually leave a little on the table for new-issue buyers, they didn't this time, and all the new issues faceplanted the moment they broke for trading.
What wa...
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22.09.26 - 11:00
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SoftBank Draws Over $20 Billion of Early Interest in Junk Bond (Bloomberg)
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SoftBank Group Corp. has drawn more than $20 billion of preliminary demand for what's shaping up to be one of the biggest junk bond deals ever, people familiar with the matter said, as investors rush to capture record yields likely to be offered to help fund the firm's investments in OpenAI....
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21.09.26 - 19:06
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SoftBank To Sell $11 Billion In Junk Bonds At Soaring Yields To Fund OpenAI Investments (ZeroHedge)
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SoftBank To Sell $11 Billion In Junk Bonds At Soaring Yields To Fund OpenAI Investments
It's only appropriate that just hours after we published an extensive report looking at the trillions in debt funding the AI supercycle - which just this year stands at $568bn, of which $259bn issued in IG, followed by $256bn across Private Credit, Direct Lending, and other bilateral/non-syndicated lending (for SPVs and infrastructure finance), another $40bn for HY and $11bn for institutional loans...
... that SotBank launched what Bloomberg dubbed "one of the biggest junk bond deals ever", as the Japanese conglomerate seeks the equivalent of more than $11 billion in high yield debt as Masayoshi Son's conglomerate ramps up its investments in ChatGPT creator OpenAI.
If SoftBank sells about $11 billion in debt it would be one of the largest junk bond sales ever by a single firm, excluding distressed debt exchanges. The near-record offering would come in 5 tranches: the company is looking to i...
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