Alibaba Sells First Dollar Bonds Since 2021 to Fund Buybacks

Bloomberg11-20

Internet firm also sold $2.5 billion of notes in offshore yuanAlibaba last week reported disappointing quarterly resultsAlibaba Group Holding Ltd. sold its first public dollar bonds in nearly four ...

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The longest portion of the offering, a 30-year bond, priced 1.05 percentage point above comparable Treasuries. Initial talk was a premium of around 1.30 percentage point.The deal’s order book peaked above $18 billion.Alibaba also priced 18 billion yuan ($2.5 billion) of notes offshore in four tranches, a separate person said. Bloomberg News reported last week that the company’s dual-currency offering could raise about $5 billion. Alibaba in May sold a $5 billion of convertible notes in a private offering.A spokesperson didn’t respond to a request for comment.The offering comes as Chinese issuers have bolstered dollar-bond issuance as the country unveiled fresh stimulus efforts and the Federal Reserve started cutting its policy rate in the US. Such notes issued by Chinese borrowers more than doubled in October from a year earlier. 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