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SoftBank Said to Reduce Size of Margin Loan Backed by OpenAI Stake
May 11, 2026
SoftBank is reported to have reduced the target size of a proposed margin loan backed by its OpenAI stake to as low as $6bn from the prior $10bn, as per sources. This comes after prospective lenders raised concerns about the ability to conduct a proper valuation of OpenAI amid the company’s fundamentals — for instance, it reportedly missed several monthly revenue targets in early 2026 as rival Anthropic gained ground. The development adds to a broad picture where SoftBank has committed over $60bn to OpenAI and in March secured a $40bn loan. S&P has since revised its credit outlook on SoftBank to negative, flagging liquidity risks. Analysts note that while SoftBank’s stock price has performed well in 2026 (up over 25% YTD), credit markets are potentially showing a different story. They highlight that its CDS spreads have widened by ~61bp this year, signalling possible concerns about its AI-linked leverage and other factors.
SoftBank’s dollar bonds were trading stable, with its 6.875% Perp at 99.38, yielding 7.42%.
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