Republic of Indonesia on US$3 Billion Global Sukuk Offer

Clifford Chance has advised the Republic of Indonesia on the transaction, while White & Case LLP has advised the Arrangers and Managers.

Republic of Indonesia issued a US$3 billion global sukuk across three tranches, consisting of US$1.25 billion 1.55% trust certificates due 2026, US$1 billion 2.55% trust certificates due in 2031 and US$750 million 3.55% trust certificates due in 2051. The 30-year tranche is a green sukuk, which is also the longest green sukuk issuance in the world. Proceeds will be used to fund the Republic’s infrastructure and green projects to spur economic growth. The trust certificates were listed on the Singapore Stock Exchange and NASDAQ Dubai.

CIMB, Citigroup, Dubai Islamic Bank, The Hongkong and Shanghai Banking Corp, and Standard Chartered Bank were the dealers and lead managers.

Partners Johannes Juette (Picture – Singapore) and Qudeer Latif (Dubai) led the deal, with support from senior associate Shashwat Tewary (Singapore), associate Stephanie Liman (Singapore), associate Salma Mowlid (Dubai) and trainee solicitor Crystal Lim (Singapore).

White & Case LLP has advised the Arrangers and Managers with a team which  included partners Kaya Proudian (Singapore) and Debashis Dey (Dubai & London), counsel Xuan Jin (Hong Kong & Dubai) and associates Hendy Handoko (Singapore), Bhavya Bhandari (Singapore) and Ghislaino Kamdo (Dubai).

Involved fees earner: Johannes Juette – Clifford Chance; Qudeer Latif – Clifford Chance; Stephanie Liman – Clifford Chance; Salma Mowlid – Clifford Chance; Shashwat Tewary – Clifford Chance; Bhavya Bhandari – White & Case; Debashis Dey – White & Case; Hendy Handoko – White & Case; Xuan Jin – White & Case; Ghislaino Kamdo – White & Case; Kaya Proudian – White & Case;

Law Firms: Clifford Chance; White & Case;

Clients: CIMB Group; Citigroup Inc.; Dubai Islamic Bank PJSC; Republic of Indonesia; Standard Chartered Bank; The Hongkong and Shanghai Banking Corporation Limited;

Author: Sonia Carcano