Tencent sold a $2 billion dual-tranche bond on Thursday morning, pricing both issuances at the tighter end of their final price guidance thanks to favourable market conditions.
The Chinese internet company priced the 144AReg S offering, which can be broken down into a $1.1 billion five-year and a $900 million 10-year bond at Treasuries plus 162.5bp and 205bp respectively. This is 20bp and 30bp tighter than their initial price guidance of Treasuries plus 185bp and 235bp respectively, according to a term sheet seen by FinanceAsia.
The five- and 10-year bond have a coupon of 2.875% and 3.8% respectively,...
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