the upper limit
The Japanese company is selling hybrid bonds this month with maturities of 25 years or longer that are callable in advance.
Japan Credit Rating Agency Ltd and S&P Global Ratings said last month they will count 50% of the bond sales toward equity, and the issuance supports their respective ratings of Tokyo-based SoftBank. Moody’s Yanase said there is a “very high hurdle” for it to count the deal as having any equity content, as it doesn’t provide such partial credits to company rated at non-investment grade.
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