Tencent Raises $1.27 Billion With Its First Dim Sum Bonds (1)

Tencent Holdings Ltd. raised 9 billion yuan ($1.27 billion) on Tuesday from its first bond sale in four years.

The Chinese internet giant sold notes in offshore yuan across three tranches, according to a person familiar with the matter. The largest tranche, a 6 billion yuan 10-year bond, priced at 2.5%, 50 basis points less than initial price guidance, the person said.

Tencent’s new five-year note priced at 2.1%, versus about 2.25% that comparably-tenored notes in offshore yuan from Alibaba Group Holding Ltd. and Baidu Inc. traded at on Tuesday.

The deal was Tencent’s inaugural issuance of dim sum notes ...