Davis Polk & Wardwell has advised China Cinda Asset Management Co. Ltd. on a $1.5 billion bond offering on the Hong Kong Stock Exchange.

The Chinese state-owned “bad bank,” which collects non-performing loans from other banks, sold the dollar-denominated bonds in one $1 billion tranche of five-year notes and one $500 million tranche of 10-years. Proceeds will be used for investment and as working capital.

Davis Polk & Wardwell Hong Kong partners Eugene Gregor and Paul Chow and Beijing partner Li He led the team representing China Cinda, with Haiwen & Partners serving as Chinese counsel to the issuer. Both firms also advised China Cinda on its $2.5 billion Hong Kong initial public offering last December. Walkers Hong Kong partner Kristen Kwok acted as China Cinda’s British Virgin Islands counsel.

Linklaters Hong Kong partners David Ludwick and William Liu advised underwriters BOCI Asia Ltd., Merrill Lynch International, Morgan Stanley & Co. International plc, UBS A.G. Hong Kong branch and Credit Suisse Securities (Europe) Ltd. King & Wood Mallesons served as Chinese counsel to the banks.

Email: azhang@alm.com.