Freshfields Bruckhaus Deringer (‘Freshfields’) has advised a syndicate of underwriters led by Morgan Stanley, Deutsche Bank and BofA Merrill Lynch as Joint Global Coordinators in connection with the issuance by SoftBank Group Corp. (‘SoftBank’) of its US$2.75 billion 6.000% Undated Subordinated NC6 Resettable Notes and US$1.75 billion 6.875% Undated Subordinated NC10 Resettable Notes. The perpetual notes, which are governed by English law, were listed on the Singapore Stock Exchange.

The transaction is the world’s biggest high-yield hybrid perpetual bond deal. It is also the first offering of hybrid notes denominated in currencies other than Japanese Yen by a Japanese corporate issuer.

The Freshfields team was led by Tokyo corporate partner Ed Cole and London corporate finance partner Chris Barratt with support from Hong Kong counsel James Hyre. Tax advice was provided by London partner Peter Clements.