Alibaba Group Holding Ltd.’s dollar bonds rallied in Asian trading after the biggest Chinese corporate offering of 2017 attracted $46 billion in orders, more than six times the deal size.
The $7 billion deal eclipsed China Evergrande Group’s $6.6 billion offering in June to become the biggest sale in Asia from a non-bank issuer, according to data compiled by Bloomberg. The spread on the 4.2 percent 30-year tranche narrowed to around 130 basis points from final pricing of 138 basis points in early morning Asian trading, according to traders.
