Tencent double-currency bond subscription orders exceed 6 billion USD, marking its first return to the USD bond market in five years.

Tencent double-currency bond subscription orders exceed 6 billion USD, marking its first return to the USD bond market in five years. According to Beating Monitoring, Tencent Holdings' offshore RMB and USD dual-currency bonds attracted enthusiastic subscriptions.
Reuters, citing the latest book data, reports that the total subscription orders for its dual-currency bonds have surpassed 6 billion USD.
Next, three things need to be watched: whether the related funds continue to flow in, whether on-chain trading volume and holdings continue to expand, and whether the project party or regulators provide new confirmation information.
A single news flash can only indicate that sentiment has been ignited; subsequent data will determine whether it can settle into a trend.
Risks should also be considered: among them, the combined orders for 10-year and 30-year offshore RMB bonds (Dim Sum bonds) exceed 20.5 billion RMB (about 3.02 billion USD);
The subscription intentions for 10-year and 20-year USD bonds have also exceeded 3 billion USD.
In terms of pricing guidance, Tencent's initial price guidance for the 10-year USD bond is US Treasury plus 80 basis points, and for the 20-year USD bond, US Treasury plus 90 basis points;
For offshore RMB bonds, the yield guidance is approximately 2.95% for the 10-year and about 3.55% for the 30-year.
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