Sony is set to return to the US investment-grade bond market, a move that comes nearly thirty years after its last such issuance, a period during which the original PlayStation console was still being promoted.

According to sources who wished to remain anonymous, Sony plans to issue fixed-rate senior bonds in two tranches. The underwriters are seeking pricing indications from investors, with the 5-year bonds expected to price at a spread of approximately 70 basis points over comparable US Treasuries, and the 10-year bonds at a spread of about 90 basis points. Final pricing for the bonds is anticipated to be set later today.

The sources indicated that the underwriters, Bank of America and Morgan Stanley, held investor calls on Monday to promote the bond offering.

A filing submitted by Sony to the US Securities and Exchange Commission (SEC) states that the proceeds from this bond issuance will be used for general corporate purposes. This offering is part of a broader wave of high-grade bond issuances currently taking place in the US market. Companies are rushing to take advantage of the current window to lock in historically low credit spreads amid widespread market expectations that the Federal Reserve may soon begin an interest rate hiking cycle.