Tencent raised $4.15bn via a four-part offering, details of which are in the table:
The bonds have expected ratings of A1/A+/A+, in-line with the issuer and received orders over $20bn, ~5x issue size. Bloomberg had initially reported that Tencent might hold-off their dollar bond offering, but the company launched its bonds without any delay. This is Tencent’s second major bond offering in less than a year after it raised $6bn in May last year via a four-part offering. The issuance also comes within a month of their earnings release
where they reported a 175% jump in Q4 profits.
Tencent’s dollar bonds were steady – their 3.28% 2024s at 106.6, yielding 0.96%, their 2.39% 2030s at 96.6, yielding 2.81% and their 3.29% 2060s at 92.43, yielding 3.66%.
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