Tencent bond sale draws $16 billion in orders for $4 billion deal
What's new: Demand ran about four times the planned size, letting Tencent tighten pricing on its offshore yuan notes.
Tencent Holdings drew more than $16 billion in orders for a planned dual-currency bond sale, roughly four times the $4 billion it is seeking to raise, according to order book updates reviewed by Reuters on Tuesday. Combined books for the company’s 10-year and 30-year offshore yuan notes topped 53.5 billion yuan, while orders for its 10-year and 20-year dollar bonds exceeded $8.5 billion. Final guidance on the offshore yuan bonds was cut to 2.5% for 10 years and 3.1% for 30 years, down from initial indications. Tencent plans to use the proceeds for general corporate purposes, including refinancing. Its shares closed 1.5% higher on Tuesday.