Davis Polk advised BOCI Asia Limited, The Royal Bank of Scotland plc, Credit Suisse Securities (Europe) Limited, The Hongkong and Shanghai Banking Corporation Limited and Industrial and Commercial Bank of China (Asia) Limited as managers for a Hong Kong law Regulation S only offering by AVIC International Finance & Investment Limited of its $300 million 4.75% guaranteed bonds due 2018 and $200 million 6% guaranteed bonds due 2023. The bonds are unconditionally and irrevocably guaranteed by AVIC International Holding Corporation. Approval from the PRC State Administration of Foreign Exchange has been obtained for the guarantees.

The AVIC group is a leading importer and exporter of civil aviation products in the PRC and is one of the largest aviation sub-contractors in the PRC. The Group’s business includes international aviation, trade and logistics, high-end consumer goods and retail, real estate and hotel, high-tech electronics and resource investment and development.

The Davis Polk corporate team included partner Paul Chow and associates Margie Chan and Amanda Lau. Counsel Alon Gurfinkel provided tax advice. Members of the Davis Polk team are based in Hong Kong, Beijing and London offices.