New Issue: Beijing State-owned Capital Operation sells €1 billion 1.206% guaranteed notes due 2025

By William Gullotti

Buffalo, N.Y., Feb. 24 – Beijing State-owned Capital Operation and Management Center Investment Holdings Ltd. priced €1 billion of 1.206% guaranteed notes due 2025 (A1/A+) at par, according to a listing notice with an appended offering circular on Thursday.

Beijing State-owned Capital Operation and Management Co. Ltd. will guarantee the notes.

The notes may only be called early for taxation reasons at par plus accrued and unpaid interest.

ICBC International, Bank of China, Deutsche Bank and ABC International are the joint global coordinators, joint lead managers and joint bookrunners for the offering.

Also serving as joint lead managers and joint bookrunners are ICBC (Europe) SA, China Construction Bank (Asia), ICBC (Asia), HSBC, CEB International, CLSA, China Securities International, Shanghai Pudong Development Bank Hong Kong Branch, China Citic Bank International, CMB Wing Lung Bank Ltd., DBS Bank Ltd., China International Capital Corp., Huatai International, Standard Chartered Bank, UBS and Natixis.

Proceeds will be used to repay existing debt.

The listing for the Regulation S notes is expected Feb. 24 on the Stock Exchange of Hong Kong Ltd. Additional application has been made to list the notes at the Frankfurt Stock Exchange and the China Europe International Exchange AG.

The company is wholly owned by Beijing State-owned Assets Supervision and Administration Commission (Beijing Sasac) and invests in projects to support industrial upgrade in the city.

Issuer:	Beijing State-owned Capital Operation and Management Center Investment Holdings Ltd.
Guarantor:	Beijing State-owned Capital Operation and Management Co. Ltd.
Amount:	€1 billion
Issue:	Guaranteed notes
Maturity:	Feb. 23, 2025
Bookrunners:	ICBC International, Bank of China, Deutsche Bank, ABC International, ICBC (Europe) SA, China Construction Bank (Asia), ICBC (Asia), HSBC, CEB International, CLSA, China Securities International, Shanghai Pudong Development Bank Hong Kong Branch, China Citic Bank International, CMB Wing Lung Bank Ltd., DBS Bank Ltd., China International Capital Corp., Huatai International, Standard Chartered Bank, UBS and Natixis
Trustee:	Bank of Communications Trustee Ltd.
Counsel to issuer:	Linklaters (English), JunHe LLP (China), Ogier (BVI)
Counsel to bookrunners:	Clifford Chance (English), Commerce & Finance Law Offices (China)
Coupon:	1.206%
Price:	Par
Yield:	1.206%
Call:	At any time for taxation reasons at par plus interest
Change of control:	At 101 plus interest
Registration event:	At par plus interest
Pricing date:	Feb. 16
Issue date:	Feb. 23
Listing date:	Feb. 24
Ratings:	Moody’s: A1
	S&P: A+
Distribution:	Regulation S
ISIN:	XS2445374213

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