SoftBank Hybrid Bond Has Japan’s Highest Coupon This Year

SoftBank Group Corp. set terms for a ¥200 billion ($1.3 billion) hybrid bond at a coupon of 4.556%, topping Japan Airlines Co.’s perpetual subordinated notes and setting the highest coupon for a domestically issued yen corporate bond this year.

The 35-year non-call five structure was offered at a spread of 340 basis points over Japanese government bonds, according to lead underwriter Daiwa Securities Co. The yield is about three times that on 10-year JGBs, according to Bloomberg calculations.