SoftBank Takes Small Step to Reduce Giant Debt With Bond Buyback
- Company’s bonds jump on offer to buy euro, dollar securities
- Move is positive for finances; size isn’t big: Asahi Life AM
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SoftBank Group Corp. bonds jumped after the company offered to buy back its notes, in a small step by billionaire Masayoshi Son’s firm to cut its massive debt pile.
The company said it plans to purchase $750 million worth of outstanding dollar- and euro-denominated notes, and will pay with cash on hand. SoftBank’s 3.125 percent euro bonds due 2025 jumped 1.3 cents to 94.4 cents as of 1:48 p.m. in Tokyo, the sharpest increase since July, and its other securities rose as well, according to Bloomberg-compiled prices.