Herbert Smith Freehills advises on BRI’s US$500 million notes issue

Herbert Smith Freehills has acted as international counsel to Citigroup Global Markets Limited and Standard Chartered Bank as joint lead managers and bookrunners, and BT Bahana Securities as co-manager on PT Bank Rakyat Indonesia (Persero) Tbk’s (BRI) US$500 million 2.95% notes (the Notes) due 2018 which were listed on the Singapore Stock Exchange.

Herbert Smith Freehills’ affiliate firm, Hiswara Bunjamin & Tandjung (HBT) advised the joint lead managers and the co-manager as to the matters of Indonesian law.

BRI is Indonesia’s oldest commercial bank and is the leading bank serving micro, small and medium enterprises in Indonesia. BRI also has the largest branch services network in Indonesia.

The Notes mark BRI’s first offering of USD denominated senior debt in the international debt capital markets. It is believed that the coupon and yield for the Notes are the lowest achieved by any Indonesian issuer in the USD bond markets to date, reflecting BRI’s solid financial fundamentals.

The Herbert Smith Freehills team was led by capital markets partner, Philip Lee, who was supported by counsel Siddhartha Sivaramakrishnan, senior associates Felipe Duque and Simon Barrell, and associates Nupur Kant and Yuji Huang. Finance team partner Alexander Aitken and consultant Etelka Bogardi advised the Bank of New York Mellon as trustee and in various agency capacities.

Philip Lee commented:

“We are delighted to have had the opportunity to work on this significant bond issue by BRI and to have helped BRI achieve such a successful offering. The demand for bond issuance in emerging markets such as Indonesia has been growing enormously. Herbert Smith Freehills has a strong capital markets team across our global network. We are well-placed to advise clients as and when they require capital in multiple currencies and jurisdictions.”

Herbert Smith Freehills’ debt capital markets team has recently acted for:

  • Royal Bank of Scotland plc as lead manager in relation to the issue of S$50,000,000 4.30% senior notes due 2018 by Tata International Pte Ltd and guaranteed by Tata International Limited
  • Standard Chartered Bank, Australia and New Zealand Banking Group Limited, Royal Bank of Scotland plc and DBS Bank Limited, as joint lead managers in relation to the issue of S$250,000,000 4.25% Notes by Tata Communications (Netherlands) B.V. and guaranteed by Tata Communications Limited
  • Standard Chartered Bank as the arranger and dealer on the establishment of a S$750 million Euro Medium Term Note programme by LMIRT Capital Pte Ltd and the first two fixed rate note issues under that programme
  • Export-Import Bank of China on its issuance of RMB2 billion (US$318 million) bonds, and
  • Wing Lung Bank on the establishment of US$2 billion Regulation S Euro Medium Term Note Programme, and the issue of US$200 million 3.50% subordinated notes under that programme listed on the Singapore Stock Exchange.

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