SoftBank Group has drawn more than $20 billion of preliminary demand for what’s shaping up to be one of the biggest junk bond deals ever, people familiar with the matter said, as investors rush to capture record yields likely to be offered to help fund the firm’s investments in OpenAI. The potential interest reflects early, nonbinding indications from investors and serves as an initial gauge ahead of pricing, which is still expected Thursday, according to the people, who asked not to be identified discussing private matters. SoftBank was seeking to raise the equivalent of more than $11 billion in the deal including a $10 billion dollar part and a €1 billion ($1.1 billion) euro portion, other people said Monday.
There’s no cap for the size, and no final decisions have been made, they added.
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