HONG KONG - Tencent Holdings Ltd has raised US$6 billion in debt in Hong Kong, the Chinese mainland technology company said on Thursday, in the largest debt deal by an Asian corporate in 2020.

Tencent raised US$1 billion in five-year debt, US$2.25 billion in 10-year, US$2 billion in 30-year and US$750 million in 40-year debt, a term sheet showed. It was the first time Tencent raised 40-year debt in its history

The deal was finalized early on Thursday in which Tencent raised US$1 billion in five-year debt, US$2.25 billion in 10-year, US$2 billion in 30-year and US$750 million in 40-year debt, a term sheet showed.

It was the first time Tencent, Asia’s second-most valuable company by market capitalization, raised 40-year debt in its history.

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Demand from investors reached US$36 billion, according to two sources with direct knowledge of the matter.

The sources could not be named because the information was not yet public.

The final pricing for each of the tranches was tighter then intiially expected, according to term sheets circulated while the deal was being concluded.

The transaction was the largest by a non-financial company in the Asian region so far this year, data compiled by Refinitiv showed.

Before the Tencent deal, the biggest was a US$4 billion junk bond by Scenic Journey in January and a US$2.9 billion bond by Sinopec on May 7, the data showed.

Around US$712 billion has been raised by Asia Pacific corporates, not including Tencent’s latest deal, in 2020 which is the strongest start to a year on record, according to Refinitiv data.

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