乐天于周五为其总额达4000亿日元（合25亿美元）的日元债券定价，这是该公司规模最大的一次日元债券发行，其中3600亿日元面向散户投资者售出。这笔5.5年期债务的票面利率为4.37%。今年日本企业已发售约3.2万亿日元的面向散户的债券，已超越2025年的纪录。
Rakuten priced ¥400B ($2.5B) of yen bonds on Friday, its largest yen bond sale, with ¥360B going to retail investors. The 5.5-year debt carries a 4.37% coupon. Japanese companies have sold about ¥3.2T of retail bonds this year, already above 2025’s record.
彭博社于周五报道称，乐天集团已为其总额4000亿日元（约合25亿美元）的日元债券完成定价，这是其迄今为止规模最大的一次日元债券发行。个人投资者认购了3600亿日元的债务，机构投资者则认购了其余的400亿日元。
Rakuten Group has priced ¥400B (about $2.5B) of yen bonds, its largest yen bond sale to date, Bloomberg reported on Friday. Individual investors bought ¥360B of the debt, while institutions took the remaining ¥40B.
这批5.5年期债券的票面利率为4.37%。其定价较基准10年期日本国债收益率高出200个基点，即2个百分点。
The 5.5-year bonds carry a 4.37% coupon. They were priced 200 basis points, or two percentage points, above the benchmark 10-year Japanese government bond.
主导此次发行的大和证券表示，最初向大投资者提供的债券价格较国债收益率高出170至180个基点。最终利差之所以扩大，是因为许多公司都在发行债券，且更广泛市场上的利差有所扩大。大和证券向彭博社表示，最终需求约为发行规模的1.3倍。
Daiwa Securities, which led the sale, said big investors were first offered the bonds at 170 to 180 basis points over government bonds. The final spread was wider because many companies are selling bonds and spreads in the wider market have grown. Final demand was about 1.3 times the issue size, Daiwa told Bloomberg.
散户投资者可于10月19日至28日通过三井住友日兴证券等经纪商申购这些债券。该债务将于2032年4月到期。
Retail investors can apply for the bonds from 19 to 28 October through brokers including SMBC Nikko Securities. The debt matures in April 2032.
在此次发行之前，软银集团曾发行1万亿日元的面向散户的债券，创下日本面向个人发售规模最大的债券纪录。软银在9月份为该笔7年期债券设定了4.75%的票面利率。
The sale follows SoftBank Group’s ¥1T retail bond, the largest ever sold to individuals in Japan. SoftBank set a 4.75% coupon on that seven-year bond in September.
根据彭博社的数据，包括乐天此次交易在内，日本企业2026年迄今已发售约3.2万亿日元的日元散户债券。这一数字已经比2025年创下的纪录高出15%以上。
Japanese companies have sold about ¥3.2T of yen retail bonds so far in 2026, including Rakuten’s deal, according to Bloomberg data. That is already more than 15% above the record set in 2025.
千叶商科大学客座教授大桥俊安接受彭博社采访时表示：“随着通胀侵蚀现金和存款的价值，家庭正开始认识到企业债券的吸引力。”
“Households are beginning to recognize the appeal of corporate bonds as inflation erodes the value of cash and deposits,” Toshiyasu Ohashi, a visiting professor at Chiba University of Commerce, told Bloomberg.
乐天在4月至6月季度实现了六年来首次扭亏为盈。尽管如此，其移动业务在该期间仍亏损了331亿日元。
Rakuten returned to profit in the April to June quarter for the first time in six years. Still, its mobile business lost ¥33.1B in that period.
根据其投资者关系网页显示，该公司还面临2027年开始的大额债务偿还压力，其中包括一项将于当年2月到期的18亿美元美元债券。彭博社报道称，乐天曾表示将通过在日本国内外的债券发行以及通过变现资产筹集资金来满足其资金需求。
The company also faces large debt repayments from 2027, including a $1.8B dollar bond due that February, according to its investor relations page. Rakuten has said it will cover its funding needs through bond sales in Japan and abroad and by raising money from its assets, Bloomberg reported.