Strong demand for Tencent’s $5b bond

The rarity value of an offshore bond issue from a large Chinese internet services firm has led to strong investor demand for the $5 billion paper, especially at the long end.
Tencent offers WeChat, one of the most widely used social media platforms in China
Tencent offers WeChat, one of the most widely used social media platforms in China

Institutional investors are showing strong interest in Tencent Holding’s upcoming $5 billion bond, which could well be the biggest offshore US dollar bond issued in Asia excluding Japan this year.

The $5 billion bond offering from the Chinese social media and gaming giant will eclipse China Evergrande Group’s $3 billion bond sale in January.

Marketing took place on Tuesday and Wednesday, April 2 and 3, when the joint global coordinators made calls to fixed income investors in financial institutions in Asia, Europe and the US. 

Tencent also issued $5 billion of bonds in January last year, in a deal that...

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