January 11, 2018 / 1:18 AM / a year ago

Tencent markets US dollar bonds in four tranches

SINGAPORE, Jan 11 (IFR) - Chinese digital media and telecom conglomerate Tencent Holdings is marketing US dollar notes across four tranches in a benchmark offering.

Pricing on a five-year fixed-rate tranche is indicated at an initial guidance of Treasuries plus 95 basis points area, and that on a five-year floating-rate note is at the equivalent spread over three-month Libor.

A 10-year piece is indicated at Treasuries plus 130bp area and a 20-year at Treasuries plus 135bp area.

The senior unsecured notes are expected to be rated A2/A+/A+, in line with the issuer.

Deutsche Bank, Bank of America Merrill Lynch and HSBC are joint global coordinators, as well as joint bookrunners with Bank of China, ANZ, BNP Paribas, MUFG, China Merchants Securities (HK), Credit Suisse, Goldman Sachs, JP Morgan, Mizuho, Morgan Stanley and Shanghai Pudong Development Bank, Hong Kong branch.

The 144A/Reg S deal will price as early as today. (Reporting by Daniel Stanton; Editing by Dharsan Singh)

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