DLA Piper advised Beijing State-Owned Assets Management Co., Ltd. ("BSAM") on its debut offering of US$ 1 billion dual tranche bonds, which closed on Tuesday 26 May. The bonds were issued by BSAM's wholly-owned subsidiary in Hong Kong and have the benefit of a keepwell and liquidity support deed, and a deed of equity interest purchase undertaking provided by BSAM.  The bonds were offered in reliance on Regulation S under the US Securities Act.

BSAM is the investment and financing platform of the Beijing Municipal Government and an integrated large-scaled investment holding company. BSAM  holds well-known assets such as the Bird's Nest and  the Water Cube, which were the major facilities for the 2008 Olympics and have become icons of Beijing and the PRC.  The A3/A-/A rated bonds consisted of series A US$ 300 million 3.000% notes due in 2020, and series B US$ 700 million 4.125% notes due in 2025.  The proceeds of the offering will be used for refinancing certain existing indebtedness and for BSAM's  working capital and general corporate purposes.

Melody He-Chen, partner at DLA Piper said: "This is a great deal for our client BSAM, and  a great time to launch its debut offering in the international debt capital markets, which we have recently seen reach record levels.  We believe the international capital markets will continue to provide a good source of financing to support BSAM's continuous growth, and we look forward to acting for our client on future matters."

The team was led by partner, Melody He-Che, and supported by Simei Huang, Legal Officer (Hong Kong), Clark Chen, Registered Foreign Lawyer (Hong Kong) and David Cheng Associate (Hong Kong), as well as Francis Yang, Jennifer Wu, Amy Wong and Rainbow Lai.

Citi and UBS are the joint global coordinators, the joint lead managers and joint bookrunners, and were represented by Allen & Overy.