MEITUAN, China’s biggest delivery platform, has raised US$2.5 billion in a two-tranche US dollar bond deal, according to its regulatory filings on Wednesday (Sep 25), in the country’s first offshore technology sector debt issuance this year.
A 3.5-year bond raised US$1.2 billion while a five-year bond raised US$1.3 billion, the filings showed.
The final size of the deal was larger than the US$2 billion that Meituan planned to raise when the deal was kicked off on Tuesday.
The 3.5-year deal was priced at three-year Treasuries plus 115 basis points, while the longer-dated bond was set at five-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 that price guidance for the 3.5-year bond was three-year Treasuries plus about 145 basis points.
For the longer-dated bond, the guidance was five-year Treasuries plus about 160 basis points.
Meituan’s deal is the first Chinese technology sector US dollar bond deal in 2024, according to Dealogic data. REUTERS
