Tencent Dual-Currency Bond Subscription Orders Exceed $6 Billion, Marking Its Return to the U.S. Dollar Bond Market After Five Years.

Tencent Dual-Currency Bond Subscription Orders Exceed $6 Billion, Marking Its Return to the U.S. Dollar Bond Market After 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.
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 team or regulators provide new confirmation information.
A single piece of news can only indicate that sentiment has been ignited; subsequent data will determine whether it can develop into a trend.
Risks should also be on the table: 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);
The subscription intentions for 10-year and 20-year USD bonds have also exceeded $3 billion.
Regarding pricing guidance ranges, Tencent's initial price guidance for the 10-year USD bond is U.S. Treasury plus 80 basis points, and for the 20-year USD bond, U.S. 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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