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The ¥400 billion figure refers to Rakuten Group retail bonds that were scheduled for redemption in the first half of 2025—not a confirmed October 2026 order-book total. Rakuten said that redemption finished on schedule and that interest-bearing debt was approximately ¥425 billion lower in June 2025 than at the end of December 2024. A separate Rakuten Securities listing dated October 16, 2026 shows a new yen-denominated domestic bond, but its final coupon and investor demand had not yet been stated.
What Rakuten’s ¥400 billion bond figure means
In January 2025, Rakuten Group was preparing to redeem about ¥400 billion of retail bonds during the first half of the year. Management was also seeking to sell more bonds to Japanese investors as market confidence improved. The figure described refinancing exposure coming due, not the amount of a new bond issue that had already sold.
Rakuten later reported that the ¥400 billion redemption was completed as scheduled. Its 2025 disclosure also said total interest-bearing debt had fallen by approximately ¥425 billion between the end of December 2024 and June 2025. Those two figures describe debt repayment and balance-sheet change, respectively; they should not be read as an October 2026 sales total.
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There is no verified October 2026 demand multiple or public sellout figure in the available disclosures. The fact that Rakuten Securities displayed a retail bond listing demonstrates that the security was being offered through a brokerage channel, but the listing alone does not show how many investors subscribed or whether the issue was oversubscribed.
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Hiroshi Mikitani, Rakuten Group’s chief executive, said in January 2025: “Bond investors are very, very confident or building their confidence in our business.” That is management’s characterization of investor sentiment, not a published order-book measurement.
What Rakuten reported about funding in 2026
Rakuten Group’s second-quarter fiscal 2026 release said funding for all bond redemptions scheduled in 2026 had been secured. The same release reported consolidated revenue of ¥665.5 billion for the quarter and the company’s first quarterly net income in six years.
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These results came after the January 2025 period in which Rakuten’s mobile operation was still described as a source of losses. The dates matter: improving 2026 funding coverage does not erase the earlier operating risk, and the 2025 redemption announcement should not be presented as a 2026 sales result.
Terms shown on the October 16, 2026 Rakuten Securities listing
As of October 16, 2026, Rakuten Securities listed a Rakuten Group yen-denominated domestic bond. The listing said final conditions were scheduled to be decided on October 16, so investors should obtain the final pricing notice before evaluating the offer.
| Term | Information shown or established |
|---|---|
| Issuer | Rakuten Group |
| Instrument | Yen-denominated domestic bond distributed through Rakuten Securities |
| Minimum purchase unit | ¥1,000,000 (100万円) |
| Purchase price | 100.00% |
| Maturity | April 28, 2032 |
| Credit rating | A- from Japan Credit Rating Agency (JCR) |
| Final coupon and yield | Not stated in the listing available on October 16, 2026 |
| Demand or oversubscription | Not stated |
| Seniority and detailed redemption provisions | Confirm in the final terms and prospectus |
A 100.00% purchase price means the bond is offered at par in the displayed terms; it does not reveal the eventual coupon, yield to maturity or total return. Those figures depend on the final interest rate and the investor’s holding period.
Is Rakuten’s credit profile improving?
Management has linked narrower spreads on Rakuten’s domestic bonds with a stronger credit profile and has said it is continuing to diversify between domestic and overseas funding channels. The A- (JCR) rating shown on the 2026 listing is one current indicator, but a rating is an opinion about credit risk, not a guarantee of repayment or market value.
Investors should also weigh the continuing execution risk in the mobile business, which was loss-making in the January 2025 coverage. A company can secure near-term maturities while still facing refinancing costs, operating losses or changes in credit spreads later.
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- Confirm the offer is open. Check the current Rakuten Securities bond page and the final conditions notice, because the October 16 listing stated that final terms were still to be decided.
- Read the final terms and prospectus. Verify the coupon, maturity date, payment schedule, rating agency, seniority, early-redemption provisions and all fees or restrictions.
- Check the cash requirement. The displayed minimum purchase unit is ¥1,000,000. Ensure the full amount and any required settlement funds are available before submitting an order.
- Compare yield rather than price alone. At a 100.00% purchase price, calculate the income from the final coupon and compare it with similarly rated yen bonds after considering taxes, fees and the time to the April 28, 2032 maturity.
- Submit the order through the brokerage during the stated sales window. Availability can depend on the offering period and remaining allocation; a listing is not a promise that orders will be accepted indefinitely.
- Plan for a hold-to-maturity or sale decision. If sold before maturity, the market price can be above or below par as interest rates, Rakuten’s credit spread and liquidity change.
Questions to answer before comparing alternatives
- What is the final coupon and yield after pricing?
- Is the bond senior or subordinated, and what claims rank ahead of it?
- Does the maturity match the date you may need the money?
- How does the A- (JCR) rating compare with the rating of another issuer you are considering?
- Is the alternative available to retail customers or sold only to institutions?
- Are you evaluating a refinancing use of proceeds, ordinary corporate funding or another purpose?
Until Rakuten publishes final pricing and demand data, claims that the 2026 issue “set a record” or “sold out” go beyond the established facts. The defensible conclusion is narrower: Rakuten completed a major 2025 retail-bond redemption, reported lower debt and secured 2026 redemptions, while a new 2032 domestic bond was being prepared for retail distribution.
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