Tencent plans multi-currency bond sale under note programme
Tencent is preparing a new fundraising move in debt markets as global technology groups continue to tap investor demand for financing. The proposed issuance includes U.S. dollar and offshore yuan notes, with maturities ranging from 10 to 30 years and no deal size set yet.
Highlights
- Tencent plans to issue senior unsecured notes in U.S. dollars and offshore Chinese yuan under its global medium-term note programme, pending market conditions.
- The proposed sale includes 10-year and 20-year U.S. dollar bonds, plus 10-year and 30-year offshore yuan bonds, with no set deal size.
- JPMorgan, Goldman Sachs, HSBC, and Morgan Stanley lead the dollar tranche, while a consortium of major Chinese and global banks underwrites the yuan tranche.
Offering structure and planned investor outreach
As reported by Reuters, Tencent says it proposes to issue notes under its global medium-term note programme and plans to provide potential investors with recent corporate and financial information related to the offering.The proposed sale comprises senior unsecured notes denominated in U.S. dollars and offshore Chinese yuan, according to a term sheet seen by Reuters. Tencent may sell 10-year and 20-year U.S. dollar bonds, as well as 10-year and 30-year offshore yuan bonds, subject to market conditions.
The company has not set a deal size. JPMorgan, Goldman Sachs, HSBC and Morgan Stanley are leading the dollar offering, while ICBC (Asia), Agricultural Bank of China, Bank of China, Bank of Communications, China Construction Bank, CITIC Securities, HSBC and JPMorgan are leading the yuan tranche.
Banks are expected to arrange investor calls later in the day ahead of the potential offering. Tencent says completion of the note issue depends on several factors, including market conditions, corporate funding needs and investor demand, and adds that no binding agreement has been entered into.
Srisawad Capital 1969’s planned Thai baht-denominated senior unsecured bond sale was aimed at refinancing existing debentures and supporting working capital, with maturities of up to five years and three months. In our earlier coverage, we noted that the issue carried a National Long-Term Rating aligned with the company’s own profile and was underpinned by its integration with parent SAWAD.
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