Tencent planning Asia's biggest dollar bond sale

A sign of Tencent is seen during the fourth World Internet Conference in Wuzhen, Zhejiang province, China, on December 3 2017. File photo: REUTERS/ALY SONG

China’s social media leader received an issuance quota of $6bn from China’s National Development and Reform Commission, people who are not authorised to speak publicly and asked not to be identified said. It plans to use about $3bn of the new bond proceeds to retire maturing debt, including the $2bn notes that are due in May, a company executive said in an investor call on Tuesday.

Tencent is recovering from a bruising year of regulatory crackdowns as game approvals slowly resume. The company missed the mark on its earnings in the December quarter by the most in a decade. To weather slowdowns in its core business and the economy, the owner of WeChat is spending billions to sustain growth with investments in everything from cloud and entertainment to retail.

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