KUALA LUMPUR, June 22 (Bernama) -- Bursa Malaysia ended on a softer note today as investors engaged in profit-taking following the recent rebound in the local market, an analyst said. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) declined by 0.65 per cent, or 11.19 points, to 1,700.84 from last Friday's close of 1,712.03. The benchmark index opened 1.56 points lower at 1,710.47 and moved between 1,699.94 and 1,712.32 throughout the trading session. Market breadth was negative, with decliners outnumbering gainers 560 to 481. A total of 608 counters were unchanged, 1,649 untraded, and 14 suspended. Turnover slipped to 3.29 billion units worth RM2.40 billion from 3.45 billion units worth RM3.79 billion on Friday.
Meituan, China's leading delivery platform, successfully raised US$2.5 billion through a two-tranche dollar bond deal, according to regulatory filings released on Wednesday. This marks the first offshore debt issuance by a Chinese technology company in 2024.
The deal included a 3.5-year bond raising US$1.2 billion and a five-year bond raising US$1.3 billion. The final amount exceeded Meituan’s initial plan of US$2 billion due to strong investor demand.
The 3.5-year bond was priced at three-year Treasuries plus 115 basis points, while the five-year bond was set at five-year Treasuries plus 125 basis points. This pricing came in tighter than the initial guidance given to investors, which had indicated spreads of 145 basis points and 160 basis points over Treasuries, respectively.
Meituan, known for its wide range of app-based services such as bike-sharing, ticket-booking, and maps, has positioned itself as a key player in China's tech sector. This bond deal is significant as it highlights renewed activity in China's offshore technology debt market for 2024, based on data from Dealogic.
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