China’s Tencent Holdings has drawn more than $6 billion in orders for its planned dual-currency bond, according to updated order book messages reviewed by Reuters on Tuesday.
Combined order books for the Chinese technology company’s 10-year and 30-year offshore yuan bonds exceeded 20.5 billion yuan ($3.02 billion), the messages showed.
Orders for Tencent‘s 10-year and 20-year dollar bonds exceeded $3 billion, a separate order book update showed.
Initial price guidance for the proposed 10-year dollar bond was U.S. Treasuries plus 80 basis points while the 20-year dollar bond was U.S. Treasuries plus 90 basis points, according to an earlier term sheet reviewed by Reuters.
The 10-year offshore yuan bond guidance was set at about 2.95% and the 30-year offshore yuan bond at 3.55%, according to the term sheet.
Tencent plans to use the proceeds for general corporate purposes, including refinancing, the term sheets showed.
Tencent is aiming to raise $4 billion in the deal, Reuters reported on Monday, citing sources.
The company did not immediately respond to a Reuters emailed request for comment on Tuesday.
Shares of Tencent climbed 3.9% in early Tuesday trade.
Tencent last tapped global bond markets in September, when it raised 9 billion yuan from an offshore yuan bond. Its last dollar bond was a $4.15 billion issue in April 2021.
Reuters
