07:30 AM EDT, 05/23/2024 (MT Newswires) -- Alibaba Group Holding ( BABA ) is in discussions with investment banks about selling convertible bonds to raise about $5 billion, Bloomberg News reported Thursday, citing people familiar with the matter said.

Sources said the offering could take place this week, but no final decisions have been made.

Alibaba ( BABA ) is seeking to sell bonds that can be converted into US-listed stock, the report said.

The move comes after Chinese online retailer JD.com (JD) said it will raise $1.75 billion from the sale of convertible senior notes due 2029.

The Alibaba ( BABA ) didn't immediately respond to requests for comment from MT Newswires.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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