SoftBank's Bond Underwriting Fee Drops for First Time in Decade [BNN Bloomberg (Canada)]
SOFTBANK GRP UNSP/ADR (SFTBY)
NASDAQ:AMEX Investor Relations:
softbank.jp/en/corp/irinfo/presentations
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Source: BNN Bloomberg
Billionaire Masayoshi Son's firm paid brokerages ¥1.10 per ¥100 to underwrite ¥550 billion ($3.5 billion) of seven-year notes for individual investors, according to a company filing. That was a decrease from the ¥1.25 rate that it paid on its retail bond sales since 2014, including its most recent deal in March, data compiled by Bloomberg show. Debt rating firms have raised SoftBank Group's grade as the Tokyo-based company's earnings from investment begin to stabilize. Japan Credit Rating Agency Ltd. in April lifted the firm's debt score to A from A-, its first upgrade in more than a decade, while S&P Global Ratings raised SoftBank's rating to BB+ from BB in May, still one step below investment grade. SoftBank's underwriting fees are still more than double those for other retail bonds sold this year on average, according to data compiled by Bloomberg. Fees tend to go down as the creditworthiness of issuers increases as it reduces underwriting risk and the cost of selling to inv
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