JD.com's debut international bond divides opinion

Is the company a tech play or a consumer operator? Fair value depends on the answer.
We'll be making this much profit
We'll be making this much profit

China's second-largest e-commerce platform JD.com made its international bond market debut on Friday, raising $1 billion from a dual tranche offering.

The SEC registered deal follows a flurry of activity by Chinese issuers over the past week as borrowers position themselves ahead of monetary policy meetings in the US and Japan this week.

The Baa3BBB- rated transaction managed to achieve a reasonable though fairly unspectacular order book, which stood at $1 billion shortly after launch and built up to $3.5 billion by the time final guidance was released.

Syndicate bankers said demand was pretty evenly split between the five- and 10-year...

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