Chinese tech giant Tencent is tapping the bond markets for $5bn, according to bankers, bolstering its balance sheet as it prepares to slug it out with rivals in sectors from retail to entertainment.
The issue comes as global investors, stoked by the US Federal Reserve’s switch of gears in January raising the possibility of rate cuts, are piling into bonds.
Tencent’s US dollar bond, which will price Wednesday in the US, comes 15 months after the social media group last launched a $5bn bond – an issue that pulled in orders for $40bn worth of paper, even as sovereign markets were wilting.
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