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White & Case Advises on Update of Republic of Indonesia US$25 billion Trust Certificate Issuance Programme and US$3 Billion Triple Tranche Sukuk and Green Sukuk Offering

Global law firm White & Case LLP has advised the Arrangers and Managers on the update by the Republic of Indonesia (RoI) of its Rule 144A/Reg S US$25 billion Trust Certificate Issuance Programme and its subsequent US$3 billion triple tranche sukuk offering thereunder.

White & Case partner Kaya Proudian, who co-led the Firm's deal team, said: "Advising on this programme for the third successive year is a testament to our market leading Global Capital Markets Practice, our strength in sovereign debt offerings and sustainable finance and our capabilities in Asia-Pacific."

White & Case partner Debashis Dey, who co-led the team, said: "The offering demonstrates the increasing recognition of sustainable finance, including sustainable sukuk, as an asset class and its relevance as a source of long term funding."

The offering involved the issuance of a tranche of US$1.25 million sukuk due 2026, a tranche of US$1 billion sukuk due 2031 and a tranche of US$750 million green sukuk due 2051, the proceeds of which will be used exclusively to finance and refinance eligible projects related to the RoI's Green Bond and Green Sukuk Framework. The green tranche is also the world's longest dated green sukuk issuance.

The White & Case team which advised on the transaction 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).

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