Baidu Plans $2 Billion Exchangeable Bonds Linked to Trip.com Shares

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Mar 07, 2025
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Baidu, headquartered in Beijing, has announced plans to issue exchangeable bonds with a principal amount of up to $2 billion. These bonds are exchangeable for ordinary shares of Trip.com listed in Hong Kong. The bonds are set to mature in 2032.

The company intends to use the net proceeds from this issuance to repay certain existing debts, cover interest payments, and for general corporate purposes. Notably, the bonds will carry a zero coupon rate, according to transaction documents reviewed.

Major financial institutions, including JPMorgan Chase, Morgan Stanley, Goldman Sachs, and Bank of America, are organizing the transaction.

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I/We may personally own shares in some of the companies mentioned above. However, those positions are not material to either the company or to my/our portfolios.