Sony Group Corp. is making a significant return to the U.S. investment-grade bond market, planning its first dollar-bond sale in nearly three decades. The company mandated Bank of America Corp. and Morgan Stanley to initiate calls with debt investors, which began on Monday, June 22, 2026. A two-tranche note offering, featuring five-year and 10-year maturities, is anticipated to follow.
The last time Sony Group Corp. tapped the U.S. investment-grade bond market was almost 30 years ago, when the original PlayStation was still being marketed. The company last sold bonds in U.S. dollars in 1998, raising $1.5 billion, and a former U.S. unit issued bonds in 2001. This current offering is part of a broader trend of companies securing funding amidst expectations of potential interest rate hikes by the Federal Reserve.
This move also aligns with Japanese firms increasingly seeking dollar-denominated debt, particularly as domestic interest rates rise due to policy tightening by the Bank of Japan, which has pushed its benchmark rate to the highest since 1995. Sony's filing with the Securities and Exchange Commission indicates the cash raised is for general corporate purposes. The new bonds are expected to be rated A2 by Moody’s Ratings and A+ by S&P, following S&P Global Ratings' upgrade of Sony to A+ in March, citing strong earnings and cash flow outlook. Sony recently spun off its insurance and banking firm to focus on its entertainment business, which includes games, music, and films.
