In mid-September 2017, Beijing Infrastructure Investment Co., Ltd. successfully completed the international roadshow, and the pricing，and issued $ 700,000,000 2.75 per cent guaranteed notes due 2020 under the $6,000,000,000 guaranteed medium term notes programme (“Programme”) on September 19th. The issuance achieved the narrowest spread of 3-year issue of the Chinese local state-owned enterprises in the overseas bond capital market, and established a new benchmark for overseas financing of local state-owned enterprises . 

 

After two-year absence from overseas capital market, Beijing Infrastructure Investment Co., Ltd. officially announced the plan of issuing dollar notes in the international market on September 12th. Subsequently, the company roadshow team held a number of international investor meetings in Hong Kong, Singapore and London, having a comprehensive and full exchange with hundreds of investment institutions. With the pursuit of a total of 246 high-quality, diversified high-quality investors’ from 22 regions in the world，the booking for the issuance only took 30 minutes to get the full coverage of the expected size of the issuance, the final size for book-keeping is more than 4.2 billion US dollars , and the issue of the notes was 6 times oversubscribed. The issue spreads sharply narrowed by 25 basis points from the T+150 basis of the initial price, and ultimately priced at T + 125 basis points. The company successfully achieved a 5 to 7 basis points of negative premium in the issuance, which is quite rare in the current market. Not only has it created the narrowest issue spreads in the history of the company, but also achieved the narrowest spreads of 3-year issue of the Chinese local state-owned enterprises in the overseas bond capital market.

 

JunZeJun Law Offices was appointed as the legal adviser of the Programme, and provided the project team which composed of Liu Zhihong，Feng Haoliang and Zhang Chenchen to offer comprehensive and high quality Legal services, including participation in the design of the transaction structure, due diligence and issuing a legal opinion for the update and drawdown of Programme.