SoftBank's five-year CDS hovered near a three-year high as traders priced the
group's exposure after it committed $64.6 bln to OpenAI. Data provider CMA shows
the five-year CDS around 383.2 bps, close to the 2023 peak. OpenAI — one of
SoftBank's largest bets — is in early talks on a pre-IPO funding round valuing
the company above $1.2 tln; CEO Sam Altman said an IPO is being prepared but not
expected this year.