Baidu markets dual-tranche US dollar bonds

Reuters

Wed, Jun 28, 2017, 12:23 AM

By Carol Chan

HONG KONG, June 28 (IFR) - Chinese internet search provider Baidu is marketing a SEC-registered dual-tranche senior unsecured US dollar benchmark bond offering.

A five-year tranche is indicated at Treasuries plus 140bp area and a 10-year at Treasuries plus 165bp area.

The Nasdaq-listed company is a A3 (review for downgrade) credit to Moody’s and A (rating watch negative) to Fitch. The proposed notes will be similarly rated.

Proceeds will be used for debt repayment and for general corporate purposes.

Goldman Sachs, JP Morgan and HSBC are joint bookrunners. Morgan Stanley and CICC HK Securities are co-managers.

The deal will price today during New York business hours. (Reporting by Carol Chan; editing by Vincent Baby and Daniel Stanton) Reuters Messaging: c.chan.thomsonreuters.com@reuters.net))

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Baidu markets dual-tranche US dollar bonds

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