SoftBank Corp to raise US$809-million from bond-type shares in Japan first

They are expected to offer higher yields than corporate bonds at a lower risk than equity and are principally aimed at individual investors, bankers involved in the issuance said.

Although classed as equity in accounting terms, the shares offer a set dividend and can be redeemed by SoftBank after a period of five years. Bankers involved in the issuance say the hope is to attract individual investors – who in Japan are typically risk averse – seeking out higher returns amid rising interest rates, but without both the volatility and principal risk that comes with direct shareholdings.

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