Tencent Raises $6bn in Dollar Bond Offering

The Chinese technology group confirmed the pricing of the five-tranche dollar bond in an exchange filing on Thursday morning in Hong Kong. Bankers had tipped the offering to raise at least $5bn.

Tencent priced the largest, 10-year tranche of $3bn at 3.975 percent or about 1.45 percentage points above the current 10-year US Treasury yield.

The company's largest bond sale drew about $27bn in orders a person familiar with the matter said. The dollar bond offering marks the biggest sale in Asia excluding Japan so far this year, according to data compiled by Bloomberg News, when sources tipped the offering to raise around USD 5 billion earlier this week.

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"The market is keenly anticipating Tencent's jumbo offering given the broader lack of investment-grade China dollar bond supply this year in the offshore market and deluge of high yield bonds from property developers," Owen Gallimore, head of the credit strategy at ANZ in Singapore.

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"Despite earnings being weak on rising costs as much as the gaming hit, Tencent is viewed as a strong benchmark (investment-grade) position by global fund managers." The notes are expected to be issued on April 11 and will take USD 15.5 billion in outstanding principal under the programme.

Shenzhen-based Tencent is recovering from a government crackdown on the lucrative game sector last year and saw its plunging fourth-quarter profit miss estimates.

But China resumed game approvals in December and the company's shares have climbed more than 19 percent so far this year.