Tencent sells Asia’s largest tech bond

Strong US investor interest enabled Tencent to raise $2.5 billion from its dual-tranche bond, the largest in Asia ex-Japan from the tech space.

Tencent priced a $2.5 billion dual-tranche bond early in Asia's morning on Wednesday, the largest ever tech bond from Asia ex-Japan, buoyed by strong US investor interest that caused books to swell up to $13 billion before the announcement of its final price guidance.

The transaction’s book building process which began marketing on Monday afternoon during US hours lasted for 24 hours and closed on Tuesday night, also during US hours, resulting in more than 65% of the books going to US investors for each tranche, according to a banker close to the deal.

Tencent’s Reg-S144A-registered deal, which consists of a $500 million three-year tranche and...

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