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Market Daily Report: Bursa Malaysia Gives Up Earlier Gains To End Mixed

KUALA LUMPUR, Nov 19 (Bernama) -- Bursa Malaysia gave up earlier gains to end mixed today, amid a higher regional market showing, as property, construction, and healthcare counters attracted buying interests, while plantation, banking, and telecommunication stocks saw some profit-taking, an analyst said. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) eased 1.70 points to close at 1,602.34 from yesterday’s close of 1,604.04. The benchmark index, which opened 0.86 of-a-point lower at 1,603.18, moved between 1,601.02 and 1,608.88 during the trading session. However, the broader market was mixed to higher, with gainers leading decliners by 565 to 438 while 502 counters remained unchanged, 961 untraded, and 14 suspended. Turnover narrowed to 2.83 billion units valued at RM2.08 billion versus 2.96 billion units valued at RM2.23 billion yesterday. Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng said the benchmark index remained range-bound and it required a dec
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Alibaba Seeks to Raise $5 Billion in Dual Currency Bond Deal

Key Takeaway: Alibaba Group plans to raise $5 billion through multi-tranche bonds, marking the largest corporate bond deal in Asia-Pacific this year.

Details of the Bond Issuance

  • Currencies: The fundraising includes US dollar and offshore Chinese yuan bonds.
  • Tranches:
    • Dollar bonds: 5.5-year, 10.5-year, and 30-year terms.
    • Offshore yuan bonds: 3.5-year, five-year, 10-year, and 20-year terms.
  • Purpose: Funds will be used for debt repayment, share repurchases, and other corporate purposes, according to Alibaba's regulatory filing.

Key Highlights

  • Significance: This is Alibaba’s first dollar bond issuance since 2021, and it would be the largest bond offering in the region this year, according to LSEG data.
  • Investor Targeting: Banks working on the deal have informed prospective investors about the $5 billion target.
  • Flexibility in Terms: The size, interest rates, and maturity terms will be finalized as the transaction progresses.

Context

  • Alibaba’s Financial Strategy: The move aligns with Alibaba’s efforts to manage its debt efficiently and bolster liquidity amid evolving market conditions.
  • Market Trends: The issuance reflects growing interest in dual-currency fundraising, leveraging both global dollar liquidity and local yuan demand.

Conclusion

This bond issuance underscores Alibaba’s financial strength and market confidence, positioning it to secure significant funding for its strategic priorities. Investors will watch closely for finalized terms and investor demand as the transaction unfolds.

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