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Tencent is holding off on marketing a US dollar bond deal

April 21, 2021 myadmin WeTV

Tencent had intended to price a possible US$4 billion offering Wednesday, making it one of Asia’s biggest dollar-bond deals of 2021. The company is monitoring the market and hasn’t decided on the exact timing for the planned deal, said the people, asking not to be identified because they’re not authorized to speak publicly.

A Bloomberg Barclays index of Chinese investment-grade US dollar bonds showed spreads jumped the most since March 2020 on Tuesday, and Huarong notes fell further yesterday with the yield on one of them nearing 40 percent.

Huarong “has caused some turbulence in the Chinese dollar bond market and made it harder for Chinese borrowers to navigate placement timing,” said Bloomberg Intelligence analyst Timothy Tan.

“I think Tencent may want to see the market stabilize before pricing any bond since it can afford to be patient on raising funds.”

The deal sheet did not specify an exact figure but sources said the company was targeting to raise $4 billion from the issue, which would be its second major fundraising deal in a year.
tencent
“The book ballooned after the U.S. opened … they’ll rush in like there’s no tomorrow if you price it a little bit wider,” said a Hong Kong based investor who participated but could not be named due to confidentiality constraints.

The bond pricing was set at 25 basis points to 35 basis points lower than the initial price guidance delivered to potential investors when the deal was launched on Thursday.

It’s been less than a year since Tencent’s most recent dollar-bond deal at US$6 billion, and the company in February raised US$8.3 billion in Asia’s biggest offshore syndicated loan for a Chinese firm since 2016. A new dollar bond would be rated four notches below AAA by the three major U.S. credit firms.

It has been less than 12 months since Tencent’s most recent dollar bond deal at US$6 billion, and the company in February raised US$8.3 billion in Asia’s biggest offshore syndicated loan for a Chinese firm since 2016.

A new dollar bond would be rated four notches below AAA by the three major US credit firms.

China’s tech giants are facing an unprecedented regulatory crackdown due to concerns that they have built market power that stifles competition, misused consumer data and violated consumer rights.

Tencent’s share price has fallen 18.3% from its January peak so far this year on the back of tighter regulations potentially hurting its future growth prospects. Still, it boasts a market capitalisation of about $765 billion, the most for a listed Asian company.

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