Tencent sets up US$5 billion bond program

Tencent Holdings (0700.HKG) has launched a program to issue up to US$5 billion worth of bonds over the next year, The Wall Street Journal reported, citing a statement by the Chinese internet giant. Amid an acquisition binge to compete with rival Alibaba Group Holding, Tencent has hired Deutsche Bank (DB.NYSE, DBK.ETR) to set up the program, which will give the firm the ability and flexibility to raise more funds. Tencent said the proceeds from any bonds issued out of the program, known as a medium-term note program, will be used for “general corporate purposes,” without giving details.