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China online retailer JD.com said to plan US$1.5b bond sale
[HONG KONG] JD.com Inc, China's second-biggest online retailer, is planning to offer about US$1.5 billion of bonds, people familiar with the matter said.
The people asked not to be identified because the details are private. The Beijing-based company declined to comment in an e-mailed statement.
China's Internet giants are providing a haven for bond investors fleeing mounting credit risks among state-owned enterprises.
Demand is also rising as authorities try to cut economic reliance on smokestack industries and expand private-sector services such as e-commerce, online finance and entertainment.
While financing costs have risen onshore as local bond defaults spread in recent weeks, they've dropped for Chinese companies in the international debt market.
The average yield on investment-grade dollar notes from the nation's firms has fallen near a three-year low of 2.97 per cent, according to Bank of America Merrill Lynch indexes.