Global law firms Clifford Chance and A&O Shearman and local law firms AZP Legal Consultants and Assegaf Hamzah & Partners (AHP) have advised on the issuance of Indonesia’s landmark $2.35 billion global sukuk.
The three-tranche offering comprises of $750 million 5-year, $1 billion 10-year and $600 million 30-year (green) Reg S/144A trust certificates due 2029, 2034 and 2054, respectively. The 30-year green sukuk is backed by a pool of green assets, highlighting the country's long-term commitment to green and sustainable financing. The trust certificates are dual-listed on the Singapore Exchange and NASDAQ Dubai.
Citigroup, Dubai Islamic Bank, HSBC, Mandiri Securities and MUFG acted as joint lead managers and joint bookrunners.
“Indonesia's green sukuk stands out as a prime example of how governments play a leading role in attracting capital for sustainable development. This strategy has enabled the financing for a spectrum of initiatives in Indonesia to combat climate change, from renewable energy, sustainable transportation, waste management and enhancing climate resilience," Gareth Deiner, Singapore-based partner at Clifford Chance, said in a statement.
Clifford Chance’s team on the deal advised the Republic of Indonesia on international law aspects and was led by partners Deiner and Qudeer Latif (Dubai). It also included counsel Stephanie Liman (Singapore), and associate Joel Sherard (Singapore). New York partners Jefferey LeMaster, Avrohom Gelber and Paul Koppel, and associate Emily Picard provided additional advice on the Investment Company Act, U.S. tax and ERISA considerations.
AZP’s team, which served as local counsel to the Republic of Indonesia’s issuing entity Perusahaan Penerbit SBSN Indonesia III, was led by senior partner Endang Setyowati, partner Dinda N. Saragih and senior associate Mawarni Putri.
An A&O Shearman team led by partner Aloysius Tan advised the banks and served as the listing agent on the deal.
AHP served as local counsel to the government of Indonesia.
