Big investments: Men are seen interacting with a Baidu artificial intelligence or AI robot near the company logo at its headquarters in Beijing. The firm is spending heavily to reposition itself as a major technology player. ― Reuters
HONG KONG: Baidu Inc sold US$1bil (RM4.24bil) of bonds in a two-part sustainable deal, according to people familiar with the matter, marking the first major global debt offering by a Chinese tech firm since Beijing escalated a crackdown on private enterprise.
The Internet search giant, an investment-grade issuer, priced 5.5-year and 10-year notes at 83 basis points and 113 basis points, respectively, above comparable treasuries, said the people, who asked not to be identified because they’re not authorised to speak about it publicly. A Baidu dollar bond maturing in 2026 traded Wednesday at a spread of 81 basis points, according to Bloomberg-compiled data.
Limited time offer:
Just RM5 per month.
