Chinese internet giant Tencent said Thursday it has raised $6 billion in the biggest dollar bond sale in Asia this year.

The social media and gaming behemoth confirmed the pricing in a filing to the Hong Kong stock exchange on Thursday with the biggest 10-year tranche of $3 billion priced at 3.975 percent.

Tencent also sold a five-year tranche of $2 billion in fixed and floating rate, $500 million in seven-year notes, and $500 million in 30-year notes.

The dollar bond offering marks the biggest sale in Asia excluding Japan so far this year, according to data compiled by Bloomberg News, when sources tipped the offering to raise around $5 billion earlier this week.

"The market is keenly anticipating Tencent's jumbo offering given the broader lack of investment-grade China dollar bond supply this year in the offshore market and deluge of high yield bonds from property developers," Owen Gallimore, head of credit strategy at ANZ in Singapore.

"Despite earnings being weak on rising costs as much as the gaming hit, Tencent is viewed as a strong benchmark (investment-grade) position by global fund managers."

The notes are expected to be issued on April 11 and will take $15.5 billion in outstanding principal under the programme.

Shenzhen-based Tencent is recovering from a government crackdown on the lucrative game sector last year and saw its plunging fourth-quarter profit miss estimates.

But China resumed game approvals in December and the company's shares have climbed more than 19 percent so far this year.

-- Bloomberg News contributed to this story --

China outlines fresh tax cuts to lift economy
Beijing (AFP) April 4, 2019 - China has unveiled tens of billions of dollars worth of tax and fee cuts as part of a drive to kickstart the stuttering economy, extending pledges worth $300 billion announced last month.

With growth at a near three-decade low and the economy struggling under the weight of the US trade row and a soft global outlook, leaders are looking to grease the cogs by getting the country's vast army of consumers to start spending.

The State Council, or cabinet, said late Wednesday it would reduce electricity and internet costs, port and railway charges and a variety of fees for individuals and businesses to cut their annual burdens by about 300 billion yuan ($45 billion).

For businesses, the government will lower average electricity fees by 10 percent and cut broadband fees for small- and medium-sized businesses by 15 percent, the official Xinhua news agency reported.

It will also cut trademark registration fees, the State Council said.

For individuals, China will cut a variety of bureaucratic red tape, like fees on postal imports, real estate registration, passport issuance and mobile internet rates.

"Tax and fee cuts are our key measures to tackle the downward economic pressure this year," said Premier Li Keqiang, according to Xinhua.

The announcement follows promises last month to cut company taxes and employer social insurance contributions by nearly two trillion yuan ($298 billion), with the first batch of cuts kicking in April 1.

The meeting Wednesday also outlined new draft amendments to beef up the foreign investment law passed last month, with a provision for "non-discrimination" in administrative licensing as well as measures to improve the protection of trademarks.

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