UPDATE 1-Meituan raises $2.5 bln in dollar bonds in China's first tech debt deal of 2024

Reuters09-25

(Adds deal details and background from paragraph 2 onwards)

By Scott Murdoch

SYDNEY Sept 25 (Reuters) - Meituan , China's biggest delivery platform, has raised $2.5 billion in a two-tranche dollar bond deal, according to its regulatory filings on Wednesday, in the country's first offshore technology sector debt issuance this year.

A 3.5-year bond raised $1.2 billion while a 5-year bond raised $1.3 billion, the filings showed.

The final size of the deal was larger than the $2 billion that Meituan planned to raise when the deal was kicked off on Tuesday.

The 3.5-year deal was priced at 3-year Treasuries plus 115 basis points, while the longer-dated bond was set at 5-year Treasuries plus 125 basis points.

Meituan, which has an app that provides services as varied as bike-sharing, ticket-booking and maps, had flagged to investors on Tuesday price guidance for the 3.5-year bond was 3-year Treasuries plus about 145 basis points.

For the longer-dated bond, the guidance was 5-year Treasuries plus about 160 basis points.

Meituan's deal is the first Chinese technology sector dollar bond deal in 2024, according to Dealogic data.

(Reporting by Scott Murdoch in Sydney, additional reporting Himanshi Akhand in Bengaluru; Editing by Rashmi Aich)

((Himanshi.Akhand@thomsonreuters.com;))

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