Alibaba Group Holding Ltd. (BABA) sold $7 billion in bonds in the biggest offshore dollar-bond issue from Asia this year and the second biggest in history. The offering marks the company’s second visit to the debt markets in three years and attracted $46 billion in orders, over six times the deal size, according to Bloomberg. (See also: Top Internet Manager Says Alibaba Can Still Double.)

On Wednesday, the Chinese e-commerce giant offered the notes in five parts, with maturities of 5.5, 10, 20, 30 and 40 years. The 10-year bonds that will mature in 2027 demanded an additional 1.08 percentage points over the 10-year Treasury note, with a yield of 2.376% on Wednesday. The 40-year tranche may be the longest-maturity dollar bond from a Chinese corporate issuer, according to Bloomberg data. The announcement follows two days of roadshows with investors across Asia, Europe and the U.S.

Moving Ahead of Interest Rates

Alibaba, China’s second-largest company by market capitalization after Tencent Holding Ltd., raised $8 billion in its first bond sale in 2014, which remains the largest dollar-denominated issue by any firm in Asia outside of Japan.

The bond issue reflects a larger trend wherein Asian companies are finding it more expensive to borrow after a recent sell-off. Further, Alibaba has moved in advance of an expected rise in U.S. interest rates next month, forecasted to drive up bond yields and thus higher interest rates on debt offerings.

On a conference call with investors, the online retail behemoth said it could use the proceeds to make acquisitions in growth areas such as physical retail and logistics assets. Earlier this month, Alibaba announced plans to snatch up the country’s largest hypermart chain, Sun Art Retail Group Ltd., at a discount for $2.9 billion. The deal positions the e-commerce leader to compete more fiercely against the world’s largest retail market Wal-Mart Stories Inc. (WMT). (See also: Alibaba Shakes Up Retail With $2.9B Sun Art Stake.)

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