Tencent targets $4 billion in US dollar, offshore yuan bond sale
What's new: The company is marketing 10- and 20-year dollar notes and 10- and 30-year offshore yuan debt under its $30 billion note program.
Tencent is seeking to raise about $4 billion through a bond sale split between US dollar notes and offshore yuan debt, marking another return to global credit markets for the Chinese internet and gaming company. The offering could launch as soon as Tuesday after investor calls began Monday. Tencent said in a filing the notes would be issued under its $30 billion global medium-term note program, with proceeds earmarked for general corporate purposes. The company last sold offshore yuan bonds in September 2025, raising 9 billion yuan, and last tapped the US dollar market in April 2021 with a $4.15 billion issue. The planned notes are expected to carry ratings of A1 from Moody's, A+ from S&P and A from Fitch.