Sony returns to US bond market with 5- and 10-year dollar sale
What's new: Sony has not sold dollar bonds since 1998 and plans to use the proceeds for general corporate purposes.
Sony Group is preparing its first US dollar bond sale in nearly three decades, lining up a two-part offering of five- and 10-year notes. Bank of America and Morgan Stanley began investor calls on June 22, ahead of the planned deal. Sony told the Securities and Exchange Commission it will use the funds for general corporate purposes. The Tokyo-based company last sold dollar bonds in 1998, raising $1.5 billion, according to Bloomberg data. The sale comes as Japanese issuers turn to overseas debt markets, with tighter US credit spreads and higher domestic rates after Bank of Japan tightening making funding conditions more attractive abroad.