Global law firm White & Case LLP has advised the Republic of Indonesia on the issuance of US$1.5 billion, 6.125 percent Trust Certificates due 2019.
“This is the largest single tranche US dollar international Sukuk offering by an Asian sovereign issuer and follows our work last year in advising the State of Qatar on its US$4 billion Sukuk issuance, which is the largest US dollar Sukuk issuance to date,” said Abu Dhabi-based partner Shibeer Ahmed, who co-led the White & Case team which advised the Republic on the transaction.
“The global investment community’s strong support for Indonesia’s international Sukuk issues was demonstrated in the successful pricing of the transaction against a background of volatile markets,” said Abu Dhabi-based partner Sean Johnson.
The deal was well received by investors with a balanced demand spread across Islamic and Middle East investors, the Republic of Indonesia itself, the rest of Asia, the US and Europe.
It was the Republic’s fourth international Sukuk transaction since 2009 and the second in its existing Trust Certificates Issuance Programme. The transaction was executed in line with its funding roadmap for 2013 and ongoing objective of promoting Islamic finance in Asia.
Citigroup, Deutsche Bank and Standard Chartered Bank were mandated as Joint Lead Managers and Bookrunners for the transaction, with PT Bahana Securities, PT Danareksa Sekuritas, CIMB Bank, First Gulf Bank and Qatar National Bank mandated as Co-Managers. The Certificates were issued by Perusahaan Penerbit SBSN Indonesia III and will be listed on the Singapore Stock Exchange.
The White & Case team in Abu Dhabi was led by partners Sean Johnson and Shibeer Ahmed with support from Riyadh-based associate Bryan Kelly and Abu Dhabi-based associates Catherine Andrews and Alison Russell.
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