Alibaba sets initial price guidance on $5 billion bond offering: term sheet

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By Scott Murdoch
HONG KONG (Reuters) – Alibaba Group Holding Ltd on Thursday set in motion its $5 billion U.S. dollar bond deal by announcing the initial price guidance in a marketing term sheet reviewed by Reuters.
Alibaba flagged a price range of 130 basis points over U.S. 10-year Treasuries for the 10-year tranche and 140 basis points over U.S. 20-year Treasuries for the 20-year tranche.
It is selling the debt in four tranches which also includes 30 and 40-year bonds, the term sheet showed.
Investor response to the deal will test sentiment towards Alibaba founder Jack Ma’s business empire amid regulatory scrutiny triggered by a speech in late October that publicly criticised the country’s regulatory system.

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