Sony Group Corp was still marketing the original PlayStation when it last tapped the US investment-grade bond market. Almost three decades later, it\u2019s readying a comeback.<\/p>\n
The Japanese conglomerate will sell two tranches of senior fixed-rate bonds, according to a person familiar with the matter who asked not to be identified. For the five-year note, underwriters sounded out a spread of about 70 basis points over the same maturity of US Treasuries and a 90 basis-point spread for a 10-year bond issue. The sale may be priced later today.<\/p>\n
Underwriters Bank of America Corp and Morgan Stanley held calls with debt investors on Monday, a person said.<\/p>\n
The offering, which Sony said in a Securities and Exchange Commission filing will raise cash for general corporate purposes, is part of a rush of high-grade bond sales in the US. Companies have moved to lock in historically tight credit spreads while expectations grow that the Federal Reserve may begin to raise interest rates.<\/p>\n
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Among other firms poised to tap the market this week is SpaceX, which is expected to raise at least $20 billion to repay some debt.<\/p>\n
Sony Group last sold bonds in US dollars in 1998, when it raised $1.5 billion, according to data compiled by Bloomberg. A former US unit of the Tokyo-based firm tapped the market in 2001.<\/p>\n
Selling dollar-denominated debt is a more-attractive option for Japanese companies now that policy tightening by the Bank of Japan has put its benchmark interest rate at the highest level since 1995. Firms have been offering a record amount of euro-denominated notes amid funding-diversification efforts as rate differentials have narrowed.<\/p>\n
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Auto-parts maker Denso Corp on Monday sold a $500 million investment-grade dollar note, after conglomerate Mitsubishi Corp. raised $1 billion earlier this month. In the eurobond market, Toyota Motor Corp priced \u20ac1 billion ($1.14 billion) of debt on Monday. NTT Finance is also considering an offering of bonds denominated in a combination of dollars, euro and pounds.<\/p>\n
Sony last year spun off its insurance and banking firm to focus on its entertainment business, which includes everything from games to music and films. S&P Global Ratings in March upgraded Sony to A+, four notches below AAA, citing an outlook for strong earnings and cash flows.<\/p>\n
The company\u2019s new bonds are expected to be rated A2 by Moody\u2019s Ratings and A+ by S&P, the person said.<\/p>\n
\u00a9 2026 Bloomberg<\/p>\n<\/p><\/div>\n
#Sony #plans #dollarbond #sale #decades<\/p>\n","protected":false},"excerpt":{"rendered":"
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