Press Release

White & Case Advises on Innovative US$1.5 Billion Sukuk Issuance by the Republic of Indonesia

Global law firm White & Case LLP has advised the Joint Lead Managers on the issuance by the Republic of Indonesia of US$1.5 billion, 4.35 percent Sukuk due 2024.

"This transaction represents an important innovation in the way that sovereigns can issue Sukuk to fund public infrastructure development projects," said UAE-based partner Shibeer Ahmed who, together with fellow Singapore-based partner, Kaya Proudian, led the White & Case team which advised on the issuance. "The reaction from the market demonstrates the strong investor interest in the Republic's capital markets issuances."

The deal was well received globally and nearly seven times oversubscribed following demand from investors in Asia, the Middle East, Europe and the United States. The orderbook was the largest ever achieved for a Sukuk issuance by Asian sovereign. It was Indonesia's fifth international Sukuk transaction since 2009 and the third in its existing Trust Certificates Issuance Programme.

HSBC, Standard Chartered Bank, Emirates NBD Capital and CIMB acted as Joint Lead Managers and Joint Bookrunners. Abu Dhabi Islamic Bank, Dubai Islamic Bank, National Bank of Abu Dhabi, PT Bahana Securities and PT Mandiri Securities acted as Co-managers for this transaction.

White & Case continues to be one of the lead advisers of sovereigns and has worked with more than 60 nations over the past 30 years. Last month, the Firm advised the Federal Republic of Nigeria on the first ever issuance of local bonds, in the form of Global Depository Notes, by an African country.

The joint UAE and Singapore White & Case team was led by partners Shibeer Ahmed and Kaya Proudian with support from associates Sarita Malakar and Hendy Handoko.

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