Assegaf Hamzah & Partners, the Indonesian member firm of Rajah & Tann Asia, has advised the joint lead managers on the Indonesian government’s dual currency global bond offering, raising USD2 billion and EUR1.25 billion (USD1.4 billion).
The joint lead managers comprised BofA Securities, Deutsche Bank, IMI-Intesa Sanpaolo, Mandiri Securities and Standard Chartered Bank.
The Securities and Exchange Commission-registered offering attracted strong demand from international investors, with peak order books reaching USD6.5 billion and EUR3 billion.
The transaction included Indonesia’s fourth euro-denominated SDG bond issuance, valued at EUR600 million. Proceeds will be used to support the financing of the state budget.
Partner Mohammad Renaldi Zulkarnain led the Assegaf Hamzah & Partners team with the support of associate Bintang Setiadi Pratama.
“We advised the joint lead managers (JLM) on recent developments in Indonesia’s regulatory framework, including updates relating to the state budget and key economic regulations. A key aspect of our role is to assist the JLM in preparing the disclosure sections of the offering circular, as well as in formulating our legal opinion,” Renaldi told Asia Business Law Journal.
Renaldi said the short timeframe proved to be one of the most challenging aspects of the transaction.
“From a practical perspective, the transaction was highly time sensitive, with a compressed timeline of less than one month from kick-off to pricing. This was particularly challenging given the need to incorporate recent developments in Indonesia’s regulatory landscape and to reflect such updates appropriately in the offering circular,” he said.
