(Bloomberg) -- SoftBank Corp. doubled the size of a sale of three-year and five-year bonds to ¥80 billion ($510 million) on strong demand from investors.

It sold ¥20 billion of three-year notes with a coupon of 0.828% and ¥60 billion of the five-year debt at 1.189%, according to underwriter Mizuho Securities Co. That compares with coupons of 0.32% and 0.82%, respectively, on the issue of the same maturity bonds in July 2023, before this year’s shift higher in Japanese interest rates.

It is the second time this year that the telecommunications giant has sold bonds in its home market amid its push to strengthen its business in areas including generative artificial intelligence. A spokesperson for the company said the funds raised would be used to repay the borrowings. 

Softbank also raised ¥120 billion last year by selling bond-type shares, and signed a contract in May this year to borrow ¥76 billion from lenders including the Japan Bank for International Cooperation for the acquisition of Ireland’s Cubic Telecom Ltd. 

The investor demand multiples for the three-year and five-year bonds in the current sale were 1.2 times and 1.1 times, respectively, according to Mizuho.

Separately in the Japanese corporate finance market on Tuesday, it was announced that KKR & Co. is preparing to sell yen bonds and Sumitomo Chemical Co. registered to sell ¥150 billion of notes, including subordinated bonds. 

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