Tencent Aims to Raise $3 Billion in Dollar, Yuan Bond Offering, Bloomberg Reports

Tencent Holdings is preparing to raise around $3 billion in a dual-currency bond offering that could be priced as early as Tuesday, according to people familiar with the matter, Bloomberg reported.

The Chinese technology and mobile gaming giant has secured regulatory approval to issue as much as $4.5 billion in offshore debt, though it may not use the full quota at this time, said other people who dialed into a deal roadshow Monday afternoon, citing company managers.

If successfully priced, the deal would be Tencent’s first dollar bond issuance since 2021, and its second-ever dim sum bond sale, following its debut offering last year. The final size of the bond offering remains fluid and could change based on investor feedback, the people added.

Tencent has hired investment banks for the proposed 10-year and 20-year dollar bond sale, alongside a 10-year and 30-year offshore yuan-denominated offering, according to another person familiar with the matter. Proceeds would be mainly for refinancing and general corporate purposes, the people added.