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By the Anton Bridge
TOKYO (Reuters) – Japanese bank SoftBank Corp’s bond-like shares were indexed on the Tokyo Stock Exchange on Thursday, the first of their kind in Japan, raising a total of 120 billion yen ($799 million) at the request of retail and institutional investors.
At 03:59 GMT, the stock was trading at 4,035 yen, above the offer value of 4,000 yen.
SoftBank Chief Executive Junichi Miyakawa said it would be used to fund its medium-term plans, adding that building “next-generation social infrastructure. “
With such infrastructure, SoftBank hopes to facilitate the creation of Japanese Large Language (LLM) models.
On Tuesday, the telecommunications company announced that it has an IT platform in place through which it intends to expand an LLM by 2024.
Although classified as equity in accounting terms, the shares will offer a steady dividend of 2. 5% and can be redeemed through SoftBank after a five-year period.
The source was basically aimed at retail investors and demand appears to have been strong from both retail and institutional investors.
Although SoftBank did not disclose the overall lawsuit, when asked about the individuals’ interest, Miyakawa said he welcomed the point of the lawsuit. “Frankly, I was surprised. “
Since stocks are indexed to the stock exchange, they can be purchased through corporate bonds, the Nippon Individual Savings Account (NISA), which is tax-efficient.
Joint bookmakers said this has greater appeal to individuals.
“This product has played a role in promoting the transition from savings to investment amid emerging interest rates and the decline of classic bank deposits,” the joint brokers said.
This is in line with the Japanese government’s long-standing policy of encouraging the use of household savings for investment purposes, and part of households’ monetary assets consist of money or bank deposits.
($1 = 150,2500 yen)
(Reporting via Anton Bridge and Francis Tang; editing by Jacqueline Wong)