Tencent plans $5b dollar bond sale

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Shenzhen-based Tencent is planning to raise about US$5 billion in US dollar-denominated bonds this week, reports Reuters.

The deal could be Asia’s largest so far this year, Refinitiv data shows. Chinese property developer Evergrande, also Shenzhen-based, sold $2.8 billion in bonds in January, currently the biggest issue.

Tencent said in an exchange filing on Monday it had increased its Global Medium Term Note Programme limit to $20 billion from $10 billion and that it planned to conduct an “international offering”, without specifying any size. The tech giant has a US$6 billion offshore issuance quota from China’s state planner, the National Development and Reform Commission (NDRC), Reuters cites an unnamed source as saying.