Business

China's Alibaba eyes first bond sale after record listing

Alibaba chairman Jack Ma Image copyright AFP
Image caption Chinese e-commerce giant Alibaba gets set to issue its first ever bond sale

Chinese e-commerce giant Alibaba is set to meet with investors next week as it considers issuing its first US bond sale.

The tech giant has hired Morgan Stanley, Citigroup, Deutsche Bank and JP Morgan to manage the sale.

Alibaba would offer dollar-denominated notes to institutional investors, the company said in a statement.

Reports suggest that Alibaba would sell $8bn (£5bn) in bonds after its record public listing just two months ago.

News of Alibaba's bond sale comes after it made $9bn in sales on Singles' Day in China this week, which is considered the world's biggest online sales day.

In September, the company's initial public offering in New York was the biggest in the world, raising $25bn and its stock is up nearly 70% since then.

Alibaba will hold meetings next week in Boston, New York, Hong Kong, London and Singapore.

US ratings firm Moody's has given the proposed bond an A1 credit rating.

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