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Alibaba Group Holding Ltd. plans to sell billions of dollars of bonds, in what will be a test of investor appetite after the e-commerce giant’s recent run-ins with Chinese authorities.

In a brief statement late Tuesday, Alibaba said it planned to issue dollar debt, including some bonds to fund sustainability-related projects, subject to market conditions. It said the deal’s total size hadn’t been fixed, nor had the bonds’ maturities, interest rates or other terms.

The deal could total up to $5 billion and include bonds with maturities as long as 40 years, according to a notice sent to investors by one of the banks handling the sale. The message was sent on Wednesday morning Hong Kong time and was seen by The Wall Street Journal.

A later notice to investors said the deal would include bonds due in 10, 20, 30 and 40 years and gave initial price guidance for yields of roughly 1.3 to 1.6 percentage points over equivalent government debt. The 20-year bonds will be so-called sustainability notes.

Alibaba shares have swung sharply in recent months, after a speech in October by founder Jack Ma prompted Chinese President Xi Jinping to call off the blockbuster listing of Ant Group Co., the company’s financial-technology affiliate.

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