Rakuten Group Raises Record $2.5 Billion in Bond Market

Japanese corporation Rakuten Group Inc. has set the final price for its bond issuance in the national currency at approximately $2.5 billion (400 billion yen), marking the largest placement of yen-denominated debt securities in the company's history. The bonds, with a maturity of 5.5 years, received a coupon rate of 4.37% per annum with a spread of 200 basis points over Japan's 10-year government bonds. The bulk of the issuance, around $2.25 billion (360 billion yen), was purchased by retail investors, while institutional participants acquired bonds worth approximately $250 million (40 billion yen). Since the beginning of 2026, Japanese companies have sold bonds to private investors totaling about $20.2 billion (around 3.2 trillion yen), which is 15% higher than last year's records. Strong household demand may help address the issues in the Japanese corporate debt market. From April to June, Rakuten achieved net quarterly profit for the first time in six years, despite losses in its telecommunications segment. To cover debt repayments, the company plans to combine domestic and international bond placements with asset monetization.

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