China Orient Asset Management $8 Billion MTN Program Update and Upsizing and $2 Billion Notes Offering

Davis Polk advised the dealers in connection with the update and upsizing of the $8 billion medium-term note program of China Orient Asset Management Co. Ltd. and the joint lead managers in a drawdown under the program by Charming Light Investments Ltd., a wholly owned subsidiary of China Orient, which consists of $750 million aggregate principal amount of floating-rate notes due 2020, $1 billion aggregate principal amount of 4.375% notes due 2027 and $250 million aggregate principal amount of 4.25% unsubordinated guaranteed perpetual securities.

China Orient, whose ultimate parent is the Ministry of Finance of the People’s Republic of China, offers a broad range of financial services and products, including its core business of non-performing asset management.

The Davis Polk corporate team included partner Paul Chow, counsel Gerhard Radtke, Margie Chan and Terrence R. O’Donnell and associate Justina Lam. Counsel Alon Gurfinkel and associate Omer Harel provided tax advice. Members of the Davis Polk team are based in the Hong Kong and London offices.