Alibaba Flippers Eke Out $11.5 Million Gain in Bond Debut
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Bond investors who sold Alibaba Group Holding Ltd.’s new long-term debt deal earned about $11.5 million in gains with most of the increase coming from the longest-dated securities.
The company’s $700 million of 4.5 percent bonds due November 2034 returned about $10.5 million after climbing 1.5 cents from the offering price to 100.9 cents on the dollar at 1:20 p.m. in New York, according to Trace, the bond-price reporting system of the Financial Industry Regulatory Authority. That reduced the yield to 4.43 percent.