SYDNEY, Nov 18 Reuters China39;s biggest ecommerce company Alibaba Group is aiming to raise 5 billion in multitranche dollar and offshore Chinese yuan bonds, according to two sources with direct knowledge of the matter.

The company confirmed plans for bond fundraising in a regulatory filing on Monday but said the size, interest rate and maturity would be determined as the transaction progressed.

It would be the largest corporate bond deal in the Asia Pacific so far this year, according to LSEG data. Alibaba last tapped the dollar bond market in 2021, the data showed.

The current dollar tranche would consist of a 5.5year, 10.5year and 30year dollar bond, a term sheet seen by Reuters showed.

Alibaba is also working on a 3.5year, 5year, 10year and 20year offshore yuan tranche, according to the term sheet.

Prospective investors have been told by banks working on the deal that the company is aiming to raise 5 billion, according to the sources.

The sources declined to be identified by name because the information is confidential.

Alibaba said in the filing it would use the cash raised for general corporate purposes, including debt repayment and funding share repurchases.

Reporting by Scott Murdoch; Editing by Kim Coghill, Cynthia Osterman and Nicholas Yong

Source Reuters