Tencent plans dollar, offshore yuan bond sale under note programme
Technology giant Tencent said on Monday it proposes to issue notes under its global medium-term note programme and will provide potential investors with recent corporate and financial information related to the offering. The proposed offering comprises senior unsecured notes denominated in US dollars and offshore Chinese yuan, according to a term sheet seen by Reuters . Tencent may sell 10-year…
Tencent, the technology giant based in Shenzhen, China, has announced plans to issue notes under its global medium-term note programme, offering potential investors senior unsecured notes denominated in both US dollars and offshore Chinese yuan. The proposed offering includes 10-year and 20-year US dollar bonds, as well as 10-year and 30-year offshore yuan bonds, contingent on market conditions.
Leading underwriters for the dollar offering are JPMorgan, Goldman Sachs, HSBC, and Morgan Stanley, while ICBC (Asia), Agricultural Bank of China, Bank of China, Bank of Communications, China Construction Bank, CITIC Securities, HSBC, and JPMorgan are leading the yuan tranche. Banks are expected to arrange investor calls later in the day ahead of the potential offering.
Tencent last tapped bond markets in June, raising $4.66 billion through a four-part offering of US dollar and offshore yuan notes. The company's latest fundraising reflects the global trend of technology companies issuing debt to take advantage of access to funding markets. Completion of the note issue depends on various factors, including market conditions, corporate funding needs, and investor demand, with no binding agreement having been entered into.
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