Japan’s NTT targets US$10 billion offering in largest Asian corporate bond sale of 2026

[TOKYO] Japanese telecom giant NTT is planning to raise around US$10 billion in a multi-currency debt offering, in what would be the largest global bond sale by an Asian corporate so far this year.

Half of the fundraising may be in US dollars, and the other half across euros and sterling, according to the people, who asked not to be identified discussing private matters. NTT’s finance unit has already hired banks for the deal and started marketing the US-currency notes Wednesday. Details of the offering may change during the sale process.

A spokesperson for NTT was not immediately able to comment.

NTT is set to join what is already one of the busiest weeks for fundraising by Japanese companies overseas after Nomura Holdings, Sony Group and Toyota Motor all priced offerings of US$1 billion or more.

Japanese companies have become Asia’s biggest bond issuers in global debt markets as they finance growing M&A deals and tap overseas investors more often – a shift partly driven by increased volatility in the local market following interest-rate hikes by the Bank of Japan.

Spreads on high-grade bonds in the US market are hovering near a two-decade low touched in January, a Bloomberg index shows. Investor sentiment in global credit markets has been buoyed by broadly strong corporate earnings and trillions of US dollars in AI-infrastructure spending that is supporting economies.

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NTT priced Asia’s largest bond deal offshore last July, raising nearly US$18 billion and is poised to return to global markets after an offering in February. BLOOMBERG