Tencent dual-currency bond subscription orders exceed $6 billion, marking its first return to the U.S. dollar bond market in five years.

Tencent dual-currency bond subscription orders exceed $6 billion, marking its first return to the U.S. dollar bond market in five years. According to Beating Monitoring, Tencent Holdings' offshore RMB and USD dual-currency bonds attracted enthusiastic subscriptions.
According to Reuters, citing the latest book data, the total subscription orders for its dual-currency bonds have surpassed $6 billion.
Next, three things need to be watched: whether 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 sediment 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.
In terms of pricing guidance range, 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 10-year yield guidance is about 2.95%, and the 30-year is about 3.55%.
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