Tencent markets a dual-currency bond sale that could raise up to $4.5 billion

Tencent Holdings is marketing a dual-currency bond offering that could raise as much as $4.5 billion, according to people familiar with the matter. Bloomberg reports the company is selling dollar and yuan bonds and that the potential size has increased from earlier expectations after discussions with investors. Another Bloomberg piece says Tencent is preparing to raise around $3 billion in a dollar and yuan offering and that pricing could occur as early as Tuesday, depending on market conditions.

Separately, TechNode says Tencent completes an offshore yuan bond transaction totaling 9 billion yuan (about US$1.27 billion) across three tranches. It reports the company sold 2 billion yuan of five-year bonds at 2.1%, 6 billion yuan of ten-year bonds at 2.5%, and 1 billion yuan of 30-year bonds at 3.1%. The reported figures describe the structure and indicative pricing for that portion of the financing.

Overall, sources describe an active fundraising process involving offshore yuan debt and a broader marketed offering in multiple currencies, with deal size and timing subject to investor demand.