(Reuters) Internet giant Baidu Inc. has issued a two-tranche US dollar sustainability bond, generating $1 billion.
The two-tranche bond comprised a 5.5-year and 10-year bond, which raised $300 million and $700 million bond, respectively.
Baidu’s 5.5% tranche bond was priced at US Treasuries, plus 83 basis points. The 10-year tranche bond was issued at US Treasuries and an additional 113 basis points.
Baidu intends to use the bond proceeds to clear debt and fund environmental, social, and governance initiatives of the company.
The tech giant’s sustainability bond comes days after China issued draft market rules aiming to tame anti-monopoly behavior and handling of data by its tech giants.
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