Tencent bond debut

Tencent makes less-than-stellar bond debut

The Chinese internet firm's bonds widen in secondary markets despite strong US participation, with investors concerned over the "variable interest entity" structure.
<div style="text-align: left;"> Tencent showgirls at ChinaJoy 2011 in Shanghai (ImagineChina)</div>
<div style="text-align: left;"> Tencent showgirls at ChinaJoy 2011 in Shanghai (ImagineChina)</div>
December 07, 2011

Chinese internet portal firm Tencent Holdings priced a $600 million maiden bond offering early Tuesday morning, making it the first internet company outside the US to sell a dollar bond. The five-year bonds priced at Treasuries plus 375bp, at the tight end of the Treasuries plus 375bp to 387.5bp guidance.

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