Less than nine months after it issued its maiden dollar bond, Chinese internet portal operator and mobile value-added services provider Tencent Holdings was back in the market on Tuesday, taking advantage of the sharp narrowing of bond spreads since its previous deal. This allowed the company to raise funding at very attractive levels, observers said.
And investors clearly liked the initiative. Although the $600 million deal priced well within 24 hours of launch, it attracted just over 300 accounts and a massive order book of close to $6.3 billion, which translated into a coverage ratio of 10.5 times and allowed the company to price at a negative new issue premium....
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