Despite the continued tension of the Sino-US trade wars, Tencent Music went straight to the top of the charts with its debut bond last week which saw the paper oversubscribed almost 13 times.
China’s largest online music entertainment platform raised $800 million in a five-year and 10-year SEC-registered senior notes. The $300 million 1.375% five-year paper priced at 99.928 to yield 1.390% while the $500 million 2% 10-year notes priced at 99.595 to yield 2.045%.
This is the equivalent of Treasuries plus 110 basis points and 135bp respectively.
The demand for the paper was significant across both tranches which allowed final orders for...