Alibaba successfully raised US$5 billion in dual-currency (USD & CNY) bonds.
"There was strong market demand for Alibaba’s latest bond issue, according to the order book reviewed by the Post. The offering was oversubscribed multiple times, with most investors coming from the Asia-Pacific region and banks as major buyers of the yuan-denominated notes."
Interestingly, the USD tranche carried an interest rate about 2% higher than the CNY tranche.
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Mister President : Why do they issue bond when they are cash rich?
StampyCat : raised cheap cash with low interest rate is classified as offshore cash use for Share Buybacks, while RMB have onshore and offshore. for onshore RMB, use for capex expansion into infrastructure data center.
StampyCat : is the same why a lot of cash rich companies like apple or meta or Google or even reits don't have assets in Japan , cannot borrow cheap Yen almost like below 1% interest without any Japanese assets
StampyCat : Hopefully and it is a wise choice to buy back shares in US traded rather than HSI, given the low valuation price, unlike DBS Singapore traded on SGX , buying back at all time overpriced book value to give a good fanfare farewell to the CEO.