Free Writing Prospectus

Filed Pursuant to Rule 433

Registration Statement No. 333-218972

Issuer Free Writing Prospectus dated December 4, 2018

Relating to Preliminary Prospectus Supplement dated December 3, 2018


Pricing Term Sheet

4.375% Notes due 2024 (the “Securities”)


Issuer:    Baidu, Inc.


Principal Amount:





The Securities shall be fungible with and be consolidated and form a single series with the US$600,000,000 of the Issuer’s 4.375% Notes due 2024, issued by the Issuer on November 14, 2018 (the “Initial Notes”). The Securities will constitute Additional Notes as defined under the indenture governing the Initial Notes, having the same terms and conditions as the Initial Notes in all respects (except for the issue date and the issue price).


Maturity Date:



May 14, 2024


Coupon (Interest Rate):





Public Offering Price:



99.725% of face amount.


In addition to the initial public offering price, you will have to pay for accrued interest from and including November 14, 2018 to but excluding December 10, 2018.





Senior unsecured





SEC registered





Approval in-principle has been received for the listing and quotation of the Securities on the SGX-ST.


Minimum Denomination:



US$200,000 and integral multiples of US$1,000 in excess thereof


Yield to Maturity:





Spread to Benchmark Treasury:





Benchmark Treasury:



2.875% due 11/30/2023


Benchmark Treasury Price and Yield:



100—10 and 2.807%


Interest Payment Dates:



May 14 and November 14, commencing May 14, 2019


Interest Payment Record Dates:



April 30 and October 31


Optional Redemption:



Make Whole Call at any time prior to April 14, 2024 at a redemption price equal to the greater of 100% and a discount rate of the Treasury Yield plus 20 basis points.


Par Call at any time from or after April 14, 2024 at a redemption price equal to 100%.


Trade Date:   

December 4, 2018


Settlement Date:   

December 10, 2018



056752 AM0 / US056752AM06


Issue Ratings*:   

Moody’s: A3; Fitch: A


Issuer Ratings**:   

Moody’s: A3; Fitch: A


Joint Bookrunners:   

Goldman Sachs (Asia) L.L.C.


J.P. Morgan Securities LLC



A securities rating is not a recommendation to buy, sell or hold securities and may be revised or withdrawn at any time. Each rating should be evaluated independently of any other rating.


See “Risk Factors—Risks Related to the Notes—Our credit ratings may not reflect all risks of your investments in the Notes.” in the preliminary prospectus supplement.

The issuer has filed a registration statement (including a prospectus) with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the issuer has filed with the SEC for more complete information about the issuer and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at Alternatively, the issuer, any underwriter or any dealer participating in the offering will arrange to send you the prospectus and prospectus supplement if you request it by calling Goldman Sachs & Co., an affiliate of Goldman Sachs (Asia) L.L.C., toll-free at 1-866-471-2526 or J.P. Morgan Securities LLC collect at 1-212-834-4533.

No PRIIPs Key Information Document (KID) has been prepared as not available to retail in EEA.

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