Tencent's Dual-Currency Bond Subscriptions Surpass $6 Billion, First Return to USD Debt Market in Five Years

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According to Reuters, Tencent Holdings' offshore dual-currency bond offering received subscriptions exceeding $6 billion. The offering includes offshore Chinese yuan bonds (dim sum bonds) of over 205 billion yuan (approximately $3.02 billion) in 10- and 30-year tranches, and over $3 billion in 10- and 20-year U.S. dollar bonds. This marks Tencent's first return to the U.S. dollar debt market since April 2021, when it issued $4.15 billion in bonds. The offering is backed by regulatory approval for up to $4.5 billion in offshore debt issuance.
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