White & Case Advises on Republic of Indonesia’s US$2 Billion Dual Tranche Rule 144A/Reg S Sukuk and Green Sukuk Offering

Global law firm White & Case LLP has advised the Arrangers and Managers on the update of The Republic of Indonesia's (RoI) Rule 144A/Reg S US$25 billion Trust Certificate Issuance Program and the subsequent US$2 billion dual tranche sukuk offering thereunder, which closed successfully on February 20, 2019.

The offering involved the issuance of a tranche of US$1.25 billion sukuk due 2029 and a tranche of US$750 million Green sukuk due 2024, the proceeds of which are to be exclusively used to finance and refinance Eligible Green Projects as set out in the RoI's Green Bond and Green Sukuk Framework.

White & Case partner Debashis Dey, who co-led the Firm's deal team, said: "The Republic of Indonesia is the largest issuer of sovereign sukuk in Asia-Pacific, and this is a rare issue of Green sukuk, which is not yet a common asset class. This transaction not only demonstrates our strength in sovereign debt offerings, but also our experience and capabilities in Islamic finance and green finance."

White & Case partner Kaya Proudian, who co-led the team, said: "Advising on this important transaction reinforces the strength of our Global Capital Markets Practice and our significant capabilities in Southeast Asia."

The Arrangers and Lead Managers on the transaction were HSBC, Deutsche Bank, Dubai Islamic Bank, Mandiri Sekuritas and Maybank. Bahana Sekuritas, Danareksa Sekuritas and Trimegah Sekuritas Indonesia acted as Co-Managers.

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

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