Clifford Chance, AZP Legal Consultants, A&O Shearman and Assegaf Hamzah & Partners have acted on Indonesia’s USD2.35 billion global sukuk issue.
The issuance, structured in three tranches, comprises USD750 million five-year, USD1 billion one-year and USD600 million 30-year green trust certificates due in 2029, 2034 and 2054, respectively. The 30-year green sukuk highlights Indonesia’s commitment to combatting climate change through sustainable initiatives.
A sukuk is an Islamic financial certificate, similar to a bond in Western finance, that complies with Sharia law.
Clifford Chance has advised Indonesia on the international aspects, with partners Gareth Deiner and Qudeer Latif from Dubai leading the team. New York partners Jefferey LeMaster, Avrohom Gelber and Paul Koppel provided advice on the Investment Company Act, and matters involving US taxes and the Employee Retirement Income Security Act.
A&O Shearman acted for the arrangers and dealers, and as the listing agent for the transaction, with partner Aloysius Tan leading the team.
AZP and Assegaf Hamzah & Partners have advised on the Indonesian law aspects for the government, and the arrangers and dealers, respectively, according to the SGX memorandum. Both firms have not responded to requests for comment at the time of publication.
The trust certificates are dual listed on the Singapore Exchange and Nasdaq Dubai. This transaction marks another milestone in Indonesia’s ongoing commitment to sustainable and green financing. The arrangers and dealers for this transaction are Citigroup, Dubai Islamic Bank, HSBC, Mandiri Securities and MUFG.
