Tencent planning Asia's biggest dollar bond this year: sources

[HONG KONG] Tencent Holdings Ltd is planning to raise around US$5 billion through a dollar bond sale on Wednesday, according to people familiar with the matter.

China's social media leader received an issuance quota of US$6 billion from China's National Development and Reform Commission, people who aren't authorised to speak publicly and asked not to be identified said. Once priced this could become the biggest dollar bond offering in Asia excluding Japan so far this year, according to data compiled by Bloomberg.

Jane Yip, a spokesman for Tencent didn't immediately respond to an email and text queries about the bond.

Tencent's executives said during an earnings call in March that the company plans to continue to spend big for content acquirement and production as it locks horns with Alibaba Group Holding Ltd and iQiyi Inc for viewer time.

The company has hired Deutsche Bank AG, HSBC Holdings plc, Goldman Sachs Group Inc and Morgan Stanley to arrange fixed income investor calls from April 2.

BLOOMBERG