Davis Polk advised the underwriters in connection with a Regulation S offering by CNAC (HK) Finbridge Company Limited, an indirectly wholly owned subsidiary of China National Chemical Corporation, of $1 billion aggregate principal amount of its 4.125% guaranteed bonds due 2021, $1.3 billion aggregate principal amount of its 4.625% guaranteed bonds due 2023, $800 million aggregate principal amount of its 4.875% guaranteed bonds due 2025, $1.75 billion aggregate principal amount of its 5.125% guaranteed bonds due 2028, $100 million aggregate principal amount of its 5.50% guaranteed bonds due 2048 and €1.2 billion aggregate principal amount of its 1.75% guaranteed bonds due 2022.

China National Chemical Corporation’s operations are primarily conducted in five business segments: (i) oil processing and fundamental chemical products, (ii) new chemical materials and specialty chemicals, (iii) agrochemicals, (iv) tyre and rubber products and (v) chemical equipment. China National Chemical ranked 355th on the 2017 Fortune Global 500 list. Among other subsidiaries, China National Chemical owns controlling interests in seven listed companies.

The Davis Polk corporate team included partners William F. Barron and Paul Chow, counsel Margie Chan and registered foreign lawyer Tae-Hun Kim. Associate Veronica Orecharova provided tax advice. Members of the Davis Polk team are based in the Hong Kong and London offices.

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