Tencent has drawn more than US$6 billion in orders for a planned dual-currency bond sale, according to updated orderbook messages.

The company aims to raise US$4 billion and plans to use the proceeds for general corporate purposes, including refinancing.

Orders for Tencent’s 10-year and 30-year offshore yuan bonds exceeded 20.5 billion yuan, or about US$3.02 billion, while orders for its 10-year and 20-year US dollar bonds topped US$3 billion.

The deal would be Tencent’s first US dollar bond sale since it issued US$4.15 billion in April 2021.

It follows a 9 billion yuan (US$1.33 billion) offshore yuan bond sale in September.

Initial guidance for the dollar bonds was US Treasuries plus 80 basis points for the 10-year tranche and plus 90 basis points for the 20-year tranche.

Guidance for the offshore yuan bonds was about 2.95% for the 10-year tranche and 3.55% for the 30-year tranche.

🔗 Source: Reuters

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