SoftBank Corp. sold the first shares of its bond class on Japan’s public markets at the lower end of its marketing range, indicating strong demand from investors hungry for yield.

SoftBank Group Corp.’s telecoms unit said on Friday it placed 120 billion yen ($800 million) worth of bond-type shares with an annual dividend rate of 2.5 per cent.

These securities, which look like bonds but are actually shares, will be listed on the Tokyo Stock Exchange in November. They do not give holders voting rights and cannot be converted into ordinary shares, which will not result in dilution.

SoftBank, which has a strong presence in Japan, has attracted demand for the offering as interest rates in the Asian country remain at rock bottom levels. Individual investors in Japan are showing greater risk appetite, especially on the back of rising wages and increased awareness of the revamped Nippon Individual Savings Accounts that these securities will qualify for.

The dividend rate is at the lower end of the 2.5-3% marketing range and compares with an average yield of 0.92% for yen-denominated securities in the Bloomberg index.

The sale was managed by Nomura Securities Co., Mizuho Securities Co. and Daiwa Securities Co.