Commentary & Deal Flow

+++Adds jt passive books on BOTH the US$ and EUR tranches. DB is B&D on all tranches+++

SoftBank Group Corp (SOFTBK) (9984 JT listed on the TSE) US$2bn and EUR750m Reg S registered form (Category 2) subordinated resettable hybrid notes 3-part. NR/B+ (--/stable). 50% equity credit from S&P until the first reset date. Optional interest deferral at the company's sole discretion, in whole or in part, cash cumulative and compounding. List Singapore. English law. FCA/ICMA stabilization applies. Settles 10/29 (T+5).

 - US$900 subordinated resettable notes due 04/29/61 (35.5y). NC5.5 (3mo par call starts 01/31.31, then every interest payment date thereafter at par). CoC call for all, but not paritial, at 100. Via DB (B&D)/JPM/MS jt glocos/HSBC/BNP/Barc/GS jt active books/Citi/CA/Mizuho/Nomura jt passive books. Fixed rate semi-annual pay until the 1st reset date (April 29 and Oct 29, starting 04/29/26 (30/360)). Coupon reset/step up vs UST 5y plus the initial and preceding credit spread: first reset date 04/29/31 (+25bp), then 04/29/46 (+5bp (+30bp cumulative)), 04/29/51 (+70bp (+100bp cumulative)). Coupon step-up upon S&P upgrade of the company rating to IG before the first reset date: +25bp on 04/29/31, another +75bp on 04/29/51. CoC step up, if not called +300bp. Denoms: 200kx1k.  ISIN: XS3203997005. IPG: 7.875%-8.00%. Final price guidance: 7.625%-7.75%. Launched: $900m at 7.625% yield. Priced: 7.625% at 100, yield 7.63%. T+407bp.

  - US$1.1bn subordinated resettable notes due 10/29/65 (40y). NC10  (3mo par call starts 07/30/35, then every interest payment date thereafter at par). CoC call for all, but not paritial, at 100. Via DB (B&D)/JPM/MS jt glocos/HSBC/BNP/Barc/GS jt active books/Citi/CA/Mizuho/Nomura jt passive books. Fixed rate semi-annual pay until the 1st reset date (April 29 and Oct 29, starting 04/29/26 (30/360)). Coupon reset/step up vs UST 5y plus the initial and preceding credit spread: First reset date 10/29/35 (+25bp), then 10//29/50 (+5bp (+30bp cumulative)), 10/29/55 (+70bp (+100bp cumulative)). Fixed rate semi-annual pay until the 1st reset date. Coupon step-up upon S&P upgrade of the company rating to IG before the first reset date: +25bp on 10/29/35, another +75bp on 10//29/55. CoC step up, if not called +300bp. Denoms: 200kx1k. ISIN: XS3203997427. IPG: 8.50%-8.625%. Final price guidance: 8.25% the #. Launched: $1.1bn at 8.25% yield. Priced: 8.25% at 100. T+429.5bp

 - EUR750m subordinated resettable notes due 10/29/62 (37y). NC7  (3mo par call starts 07/30/32, then every interest payment date thereafter at par). CoC call for all, but not paritial, at 100. Via DB (B&D)/BNP jt glocos and books/JPM/MS/Citi/CA/ING/Natixis/SocGen jt passive books. Fixed rate semi-annual pay until the 1st reset date (April 29 and Oct 29, starting 04/29/26 (30/360)). Coupon reset/step up vs 5y mid-swaps plus the initial and preceding reset credit spread: First reset date 10/29/32 (+25bp), then 10/29/47 (+5bp (+30bp cumulative)), 10/29/52 (+70bp (+100bp cumulative)). Fixed rate semi-annual pay until the 1st reset date. Coupon step-up upon S&P upgrade of the company rating to IG before the first reset date: +25bp on 04/29/31, another +75bp on 04/29/51. CoC step up, if not called +300bp. Denoms: 100kx1k. ISIN: XS3203998078. IPG: 6.75%-7.00%. Final price guidance: 6.50%-6.75%. Launched: EUR750m at 6.50% yield. Priced: 6.50% at 100. ms+421bp.

Did investor calls  in Asia and Europe commencing 10/21. DB coordinated logistics. Reconfirms were due by 4:30pm UKT 10/22. UOP: GCP, including investments for AI and repayment of borrowings. Biz: a diversified global investment holding company with holdings in telecom, e-commerce, internet advertising and other sectors. HQ: Tokyo, Japan. 

Netroadshow link: www.netroadshow.com/nrs/home/#!/?show=0901d888 (Recommended). Deal entry code: TechForce2025.