SoftBank Group, a major Japanese multinational conglomerate, has issued the largest speculative-grade corporate bond ever recorded, raising $11.1 billion through dollar and euro-denominated bonds. The funds will be used to finance the third and final installment of its investment in OpenAI, a leading artificial intelligence research company, which is set to be paid next month. This issuance breaks the previous record held by the French telecom operator Numericable, which raised over $10 billion in 2014. SoftBank's financial strength is rated "BB+" by Fitch, a major international rating agency, which places it just below the investment-grade category. The dollar-denominated bonds issued by SoftBank have yields ranging from 8.63% to 9.75%, depending on their maturity. These rates are two to three percentage points higher than those offered by companies with similar credit ratings. Despite the higher interest rates, investor demand for the bonds was approximately four times the proposed volume, indicating strong market confidence in SoftBank's ability to manage its debt. SoftBank has committed a total of $64.6 billion to its investment in OpenAI, which should give it approximately 13% ownership of the company once all payments are completed. This bond issuance is also intended to convert short-term bank loans used to fund the investment into long-term financing. Earlier, SoftBank had secured a $40 billion bridge loan to fund the investment and plans to repay the remaining $25.9 billion this month. As of the end of June, SoftBank's net debt reached 1,080 billion yen, highlighting the scale of its financial commitments. Analysts note that the high interest rates on the bonds reflect broader market conditions, including rising U.S. Treasury bond rates and concerns about the future profitability of the AI sector. Additionally, the significant weight of the OpenAI investment on SoftBank's balance sheet has influenced the borrowing costs. As the initial public offering (IPO) of OpenAI appears unlikely before next year, uncertainties also surround the IPO plans of SB Energy, a data center development company in which SoftBank has invested heavily. SoftBank's continued ability to secure funding for its AI-related ventures remains a critical concern for investors and analysts.