Chinese tech giant Baidu raises $1 billion despite China tech sector woes

HONG KONG (Reuters) – Chinese internet giant Baidu Inc has raised $1 billion in a two-tranche, US dollar sustainability bond, its first environment, social and governance (ESG) transaction. A 5.5-year tranche bond raised $300 million and the 10-year tranche secured $700 million, a company statement said. The shorter-dated bond was priced at US Treasuries plus 83 basis points, while the longer-dated issuance was at US Treasuries plus 113 basis points. Initial price guidance given to investors was US Treasuries plus 115 basis points for the 5.5 year bond, while the 10-year was US Treasuries plus 150 basis points, according to a term sheet reviewed by Reuters. On Tuesday, Chinese regulators published new rules aimed at the China tech sector to tackle anti-competitive behaviour and companies’ handling of data.

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