Capital markets

Cash from Covid: How Tencent aims to build a war chest with record $6bn bond

The technology giant has sold a $6 billion four-tranche bond which pushes its curve out to 40 years as it plans massive investment in technology infrastructure.

Chinese technology giant Tencent shrugged off a flare-up in Sino-US relations last week to print the largest bond from a Chinese corporate so far this year.

The $6 billion it raised equalled the amount printed by Malaysian oil and gas company Petronas in April and the amount that Tencent itself raised in April last year.

In what was a busy day in region’s G3 capital markets, it was also when US secretary of state Mike Pompeo threw petrol on the sparks caused by the decision of Beijing to impose an anti-sedition law on Hong Kong saying that he would no longer treat Hong Kong as autonomous...

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