Baidu back online with intl bond investors

Big order book but aggressive pricing for Chinese tech group.

Chinese search engine giant Baidu returned to the international bonds markets for the first time in a year on Tuesday with a punchy $1.25 billion dual tranche deal. 

The A3A rated issuer is likely to be extremely happy with the pricing it secured for its 5- and 10-year offering, which bankers argued came flat to its own curve and through rival Tencent's secondary market trading levels.

China's biggest tech groups have proved time and again to be very good at pulling investors into their bond deals due to the combination of a compelling growth story and starry brand name. However, secondary market trading does not...

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