SoftBank's Credit Default Swaps Hit a Three Year High Over Its OpenAI Bet

SoftBank's five-year credit default swaps jumped to about 384.6 basis points, the highest since 2023, after Sam Altman told Fortune that OpenAI won't IPO this year. Bloomberg estimates SoftBank now faces a funding gap of at least $20 billion as it tries to refinance a $40 billion bridge loan tied to its $64.6 billion OpenAI stake.