Chinese internet giant Tencent Holdings Ltd.'s visit to the bond market this week marked the latest in a string of Asian technology firms that have been issuing more debt as their market values have swelled. Tencent, which owns the popular messaging service WeChat and is one of the world's largest videogame publishers, on Thursday priced $5 billion in U.S.-dollar bonds that mature in five, 10 and 20 years--its largest-ever bond sale. The Shenzhen-based company last issued bonds about three years ago. At that time, it priced its 10-year bonds at 2.05 percentage point above U.S. Treasury yields, or 3.8%. This time it paid lower rates to borrow: Its 10-year bonds were priced at 1.05 percentage point above U.S. Treasury yields, or 3.595%. Strong investor demand also allowed Tencent to price its 20-year bonds to yield under 4% a year, locking in low long-term interest rates.