Despite recent losses which saw Tencent's Q418 profits decline by 32% - its worst quarterly decline since its went public offshore in Hong Kong back in 2004 – the company is still considered a strong investment grade (IG) borrower, which will have wooed investors amid returning risk sentiment. The deal, which was originally targeting a USD5.0bn close, had an issuance quota of just USD6bn from the regulator, the National Development and Reform Commission (NDRC), but this was still a level which helped the deal to double the USD3bn dollar bond deal sold by property developer China Evergrande Group back in January. More broadly, the deal also ranks as the second largest note sale across Asia so far this year – second only to Shanghai Pudong Development Bank's USD7,956mn deal in late March – and the seventh largest debt sale globally.