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SoftBank Risk Rises
The cost of insuring against a SoftBank Group default has risen to a four-year high, with five-year credit default swaps climbing 22 basis points to 466 basis points—the widest spread since October 2022. The increase reflects market turmoil and concerns about returns on its AI investments, including a $64.6 billion investment in OpenAI and its 90% stake in Arm, as well as heavy borrowing and the postponement of OpenAI’s IPO until 2027. Concerns have also grown that the expansion of data centers could slow, putting pressure on the valuations of highly indebted companies and raising questions about SoftBank’s ability to restructure its obligations.
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