Alibaba Sells $8 Billion of Bonds in Company’s Debut Sale
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Alibaba Group Holding Ltd. raised $8 billion in its first sale of bonds at yields that were lower than originally offered after investors submitted orders of at least $57 billion to the e-commerce company.
“The premium we see associated with Chinese companies is absent in this case,” Dorian Garay, a New York-based money manager for the global investment-grade debt fund at ING Investment Management Co., said in a telephone interview. “It feels like new-issue concession is non-existent.”