Tencent sells Asia’s largest tech bond

Strong US investor interest enabled Tencent to raise $2.5 billion from its dual-tranche bond, the largest in Asia ex-Japan from the tech space.

Tencent sells Asia’s largest tech bond

Tencent priced a $2.5 billion dual-tranche bond early in Asia's morning on Wednesday, the largest ever tech bond from Asia ex-Japan, buoyed by strong US investor interest that caused books to swell up to $13 billion before the announcement of its final price guidance.

The transaction’s book building process which began marketing on Monday afternoon during US hours lasted for 24 hours and closed on Tuesday night, also during US hours, resulting in more than...

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