Clifford Chance

Clifford Chance advises Republic of Indonesia on US$3 billion global sukuk issuance

Leading international law firm Clifford Chance has advised on the international aspects of the Republic of Indonesia's recent issuance of a US$3 billion global sukuk across three tranches, consisting of US$1.25 billion 1.55% trust certificates due 2026, US$1 billion 2.55% trust certificates due in 2031 and US$750 million 3.55% trust certificates due in 2051. The 30-year tranche is a green sukuk, which is also the longest green sukuk issuance in the world. Proceeds will be used to fund the Republic’s infrastructure and green projects to spur economic growth. The trust certificates were listed on the Singapore Stock Exchange and NASDAQ Dubai.

Partners Johannes Juette (Singapore) and Qudeer Latif (Dubai) led the deal, with support from senior associate Shashwat Tewary (Singapore), associate Stephanie Liman (Singapore), associate Salma Mowlid (Dubai) and trainee solicitor Crystal Lim (Singapore).

Commenting on the transaction Johannes said, “We are pleased to have advised the Republic of Indonesia on the issuance of its latest sukuk that combines a tranche of green sukuk, further strengthening the green sukuk credentials in the global markets. This transaction is a testament of our long-standing relationship with the Republic, having advised either the Republic or the Lead Managers on the global sukuk issuance since 2015.”

The firm has a leading track record advising on Indonesian debt issuances. This deal follows the firm's recent work advising on the international aspects of the Republic of Indonesia’s landmark US$2.5 billion sukuk, restructuring of Garuda Indonesia's US$500 million sukuk where the firm represented a committee of certificate holders, Star Energy on its dual tranche US$1.1 billion green project bond -- the first investment grade green project bond from the private sector in Indonesia, and Indonesia's first sustainability-linked bond which was the world's first by an agri-food company, the first by an Indonesian company, and the first US-dollar denominated sustainability-linked bond issuance from South East Asia.