White & Case advises on update of Republic of Indonesia's US$35 billion Trust Certificate Issuance Programme and US$3.25 billion dual-tranche sukuk and green sukuk offering

Global law firm White & Case LLP has advised the arrangers and managers on the update and upsize by the Republic of Indonesia of its Rule 144A/Reg S US$35 billion Trust Certificate Issuance Programme and subsequent US$3.25 billion dual-tranche sukuk offering thereunder.

"Advising on this programme for the fourth successive year demonstrates our continuing strength in sovereign debt offerings and our depth of experience and capabilities in Islamic finance and green finance," said White & Case partner Debashis Dey, who co-led the Firm's deal team, "all the more so given the updates made to the programme structure to align with the latest market standards for international sukuk issuances and enable the broadest possible distribution for Indonesia."

White & Case partner Kaya Proudian, who co-led the Firm's team, said: "This landmark transaction represents the largest ever global US dollar sukuk offering by Indonesia and the largest ever green sukuk tranche globally. Advising on this significant transaction successfully in challenging market conditions showcases our market leading Global Capital Markets Practice and our strength in Asia-Pacific."

The offering involved the issuance of a tranche of US$1.75 billion sukuk due 2027 and a tranche of US$1.5 billion green sukuk due 2032. The proceeds of the green sukuk will be used exclusively to finance/refinance expenditures directly related to ‘Eligible SDGs Expenditures with Green and Blue focus' under the Republic of Indonesia's new SDGs Government Securities Framework.

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 Stephanie Zhao (Singapore) and Hayley Law (Hong Kong).

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