The Projection — a symmetric watercolor butterfly

The Projection

The surface is never the system.

← SoftBank

Softbank (dollar-bond sale of USD 10 billion, launched 2026-09-20) → Softbank

$11.1B — **SoftBank priced $11.1bn of dollar and euro bonds to fund the last $10bn of its $30bn OpenAI follow-on investment: $1bn of 3.5-year notes at 8.625%, $4.5bn of 5.5-year notes at 9.25% and $4.5bn of 7.5-year notes at 9.75%, plus two €500m tranches at 7.125% and 8%.** The 3.5- and

high confidence · as of 2026-09-23T00:00:00Z · about SoftBank

$11.1B — **SoftBank priced $11.1bn of dollar and euro bonds to fund the last $10bn of its $30bn OpenAI follow-on investment: $1bn of 3.5-year notes at 8.625%, $4.5bn of 5.5-year notes at 9.25% and $4.5bn of 7.5-year notes at 9.75%, plus two €500m tranches at 7.125% and 8%.** The 3.5- and


the working

Basis

$11.1B — **SoftBank priced $11.1bn of dollar and euro bonds to fund the last $10bn of its $30bn OpenAI follow-on investment: $1bn of 3.5-year notes at 8.625%, $4.5bn of 5.5-year notes at 9.25% and $4.5bn of 7.5-year notes at 9.75%, plus two €500m tranches at 7.125% and 8%.** The 3.5- and

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