Baidu, often described as China’s Google, has sold $1.5bn worth of five and 10-year bonds, mainly to US investors in a deal that highlights the success some Chinese internet groups have enjoyed in raising money in the US.
The deal was marketed to high grade debt investors rather than emerging market investors to raise the money at a lower cost than emerging market companies have been historically able to achieve.
Some Chinese internet groups have seen relative success in US markets, despite their more intangible nature, even as the reputations of others have been hit by short-sellers and accounting concerns.
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