Norton Rose has advised the Republic of Indonesia on the issuance of $1 billion of Islamic bonds or sukuk, the country's third sukuk transaction since 2009. It was part of a $3 billion sukuk programme.

Reuters reported that the sukuk issuance, governed by English laws and  offered under Rule 144A and Regulation S of the U.S. Securities Act, is part of Indonesian President Susilo Bambang Yudhoyono’s plan to raise capital spending by 15 percent to 194 trillion rupiah ($20 billion) next year. The money is expected to improve Indonesia's road infrastructure and finance 15 new airports.

This was the second time Norton Rose advised Indonesia on the issuance of Islamic bonds, after representing the country on a sukuk issuance of $1 billion in 2011. The Norton Rose team was led by partner Ji Liu and of counsel Ferzana Haq. Allen & Overy advised the joint lead managers for the transaction – Deutsche Bank , HSBC and Standard Chartered Bank.

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