Tencent launches multi-currency bond offering across four tranches

The Chinese tech giant is seeking funding in both dollars and yuan by issuing four separate bond tranches. The dollar notes will mature in 10 and 20 years, while the dim sum bonds will have 10- and 30-year terms. Initial pricing guidance puts the 10-year dollar issue about 115 basis points above comparable U.S. Treasuries and the 20-year issue about 140 basis points higher. For the offshore yuan bonds, yields are guided at roughly 2.90% for the 10-year and 3.50% for the 30-year tranche.