Tencent wires up $2b bond

Chinese internet company raises a dual-tranche debt offering, obtaining a whopping $17 billion order book as sentiment in Asia US dollar credit markets continue to stabilise.

Tencent sold a $2 billion dual-tranche bond on Thursday morning, pricing both issuances at the tighter end of their final price guidance thanks to favourable market conditions.

The Chinese internet company priced the 144AReg S offering, which can be broken down into a $1.1 billion five-year and a $900 million 10-year bond at Treasuries plus 162.5bp and 205bp respectively. This is 20bp and 30bp tighter than their initial price guidance of Treasuries plus 185bp and 235bp respectively, according to a term sheet seen by FinanceAsia.

The five- and 10-year bond have a coupon of 2.875% and 3.8% respectively,...

¬ Haymarket Media Limited. All rights reserved.

FinanceAsia has updated its subscription model.

Registered readers now have the opportunity to read 5 articles from our award-winning website for free.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences.

To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222

Article limit is reached.

Hello! You have used up all of your free articles on FinanceAsia.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences. To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222