Alibaba raises $8b from first bond sale

Alibaba Group Holding Ltd raised $8 billion in its first sale of bonds at yields that were lower than originally offered after investors submitted orders of at least $57 billion to the e-commerce company.

"The premium we see associated with Chinese companies is absent in this case," said Dorian Garay, a New York-based money manager for the global investment-grade debt fund at ING Investment Management Co. "It feels like new-issue concession is non-existent."

Alibaba's debt offering adds to a banner year for corporate bonds with worldwide issuance of $3.8 trillion on pace to exceed $4 trillion for the first time. The Hangzhou-based company, which raised a record $25 billion in an initial public offering in September, will use proceeds to refinance some credit agreements, according to a Nov 13 statement.