Tencent plans to sell billions of dollars in bonds globally

Chinese social media and gaming giant Tencent Holdings is testing the market’s appetite for a US dollar bond deal it plans to offer, according to a term sheet reviewed by Reuters.

The company said in a statement on Monday it planned to conduct an international offering of notes under a programme to certain professional investors and would use the proceeds raised for general corporate purposes.

The previously announced programme had a maximum limit of $20 billion, of which $12 billion of notes were already outstanding, the company said in a separate statement.

The limit means future deals for Tencent would have to be under $8 billion.