Tencent Holdings is planning to raise about $5 billion in US dollar-denominated bonds this week, two people with knowledge of the matter said. Photo: File

INTERNATIONAL - Chinese social media and gaming giant Tencent Holdings is planning to raise about $5 billion in US dollar-denominated bonds this week, two people with knowledge of the matter said.

The deal could be Asia’s largest so far this year, Refinitiv data shows. Chinese property developer Evergrande sold $2.8 billion in bonds in January, currently the biggest issue.

Bloomberg first reported Tencent’s plan for the bond issue earlier in the day.

Tencent last tapped the bond market in January last year, in which it raised $5 billion. It plans to launch the latest sale on Wednesday, the people said.

Tencent did not immediately respond to a request for comment.

The tech giant has a $6 billion offshore issuance quota from China’s state planner, the National Development and Reform Commission (NDRC), the people said.

Tencent said in an exchange filing on Monday it had increased its Global Medium Term Note Programme limit to $20 billion from $10 billion.

The company has hired Deutsche Bank, HSBC, Goldman Sachs and Morgan Stanley as joint global coordinators for the bond issue, according to an internal announcement seen by Reuters.

Reuters