Alibaba to issue $1.5 billion exchangeable bonds to fund global e-commerce push

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Alibaba announced on July 3 it plans to issue HK$12 billion (about $1.5 billion) in zero-coupon exchangeable bonds due in 2032 to fund its cloud infrastructure and a global e-commerce push. The bonds will reference Alibaba Health shares, with Alibaba retaining control even if settled fully in stock. The use of Alibaba Health, shares of which have risen 40% this year, enables the group to secure low-cost financing without diluting its equity. The company reported RMB 366.4 billion ($51.13 billion) in net cash as of March. The bonds won’t affect Alibaba Health’s operations or collaborations, with Alibaba continuing to support its healthcare arm.