Sony Group Corp. is preparing what it says will be its first US dollar-denominated bond sale in nearly three decades, aiming to return to the US investment-grade debt market. Bloomberg reports that Sony last issued dollar bonds in 1998, when it raised about $1.5 billion, and it is now marketing a new offering after its prior activity long predates the current plan. Other outlets describe the expected deal as a multi-billion dollar offering, though specific size details are not uniform across the reports provided.
Several sources link the decision to funding conditions and interest-rate expectations. Economic Times and Japan Times say Japanese companies have been increasingly interested in dollar debt as domestic borrowing costs rise and the Bank of Japan tightens policy. Japan Times adds that the BOJ’s benchmark rate is at its highest level since 1995, making dollar borrowing relatively more attractive. Economic Times also cites broader market expectations of potential Federal Reserve interest-rate hikes as companies seek to secure financing. The reports describe Sony’s move as part of a wider trend among Japanese firms turning to dollar-denominated issuance.
