Kioxia Plans Debut Bond Overseas Amid Japan Debt Deal Rush

Kioxia Holdings Corp. plans to raise as much as $3 billion via a dollar bond sale that would be its first corporate debt issuance, in the latest sign of investor appetite abroad for Japanese company notes including those of riskier firms.

The Tokyo-based memory-chip maker is rated BB+, one step below investment grade, by both S&P Global Ratings and Fitch Ratings. S&P said the firm’s efficiency and technology keep it resilient in the highly volatile NAND flash memory business, which has been stagnant in recent months. Kioxia hired banks including Morgan Stanley and Goldman Sachs Group Inc. as joint lead managers for the offering, and investor meetings were held on July 14, people familiar with the matter said.