软银CDS走阔、乐天趋稳：债务压力与AI押注分化市场情绪

Group 1 - The core viewpoint of the articles highlights that SoftBank Group's credit default swap (CDS) spreads have risen to their highest level since April, reflecting investor caution towards the company's debt-driven growth model amid increasing global competition [1] - SoftBank has been funding various AI projects, including collaborations with OpenAI and Oracle, and its five-year CDS rose to approximately 302 basis points, up from about 280 basis points the previous day [1] - The company is intensifying its fundraising activities, having set terms for issuing 500 billion yen (approximately 3.3 billion USD) in retail bonds with a coupon rate of 3.98%, with part of the proceeds aimed at repaying bridge loans related to its investment in OpenAI [1] Group 2 - In contrast, Rakuten Group has been reducing its debt burden to improve its credit profile, resulting in a moderate narrowing of its CDS spreads, which decreased from around 250 basis points in August to approximately 200 basis points recently [1] - The CEO of Fujiwara Capital noted that the rise in SoftBank's CDS may reflect market pricing factors, including declines in AI-related stocks, ongoing bond issuances by the company, and concerns over its concentrated investment in OpenAI [1]