White & Case Advises Republic of Indonesia on Update of US$25 Billion Trust Certificate Issuance Programme and US$2.5 Billion Sukuk Offering

Press Release
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Global law firm White & Case LLP has advised the Republic of Indonesia (RoI) on the update of the RoI's Rule 144A/Reg S US$25 billion Trust Certificate Issuance Programme and its subsequent US$2.5 billion triple tranche sukuk offering thereunder, including a US$750 million tranche of Green sukuk.

"Advising on this programme for the second successive year is a testament of our strength in sovereign debt offerings and our depth of experience and capabilities in Islamic finance and green finance," said White & Case partner Debashis Dey, who co-led the Firm's deal team. "The RoI is the largest issuer of sovereign sukuk in Asia-Pacific and the largest issuer of sovereign Green sukuk anywhere in the world."

White & Case partner Kaya Proudian, who co-led the team, said: "Advising on another significant transaction for the RoI demonstrates our market leading Global Capital Markets Practice and our strength in Southeast Asia."

The offering closed on June 23, 2020 and involved the issuance of a tranche of US$750 million Green sukuk due 2025, a tranche of US$1 billion sukuk due 2030 and a tranche of US$750 million sukuk due 2050. The Arrangers and Joint Lead Managers on the transaction were HSBC, BNP Paribas, Standard Chartered Bank, Maybank and Dubai Islamic Bank.

The White & Case team which advised on the transaction included partners Kaya Proudian (Singapore) and Debashis Dey (Dubai & London), counsel Xuan Jin (Dubai) and associate Hendy Handoko (Singapore).

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