Clifford Chance, AZP Legal Consultants, A&O Shearman and Assegaf Hamzah & Partners acted on Indonesia’s $2.35 billion global sukuk issuance.
The issuance, structured in three tranches, comprises USD 750 million of five-year green trust certificates, USD 1 billion of one-year green trust certificates and USD 600 million of 30-year green trust certificates, maturing in 2029, 2034 and 2054, respectively. The 30-year green sukuk underscores Indonesia’s commitment to combating 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 advised Indonesia on international matters, led by Dubai partners Gareth Deiner and Qudeer Latif. New York partners Jefferey LeMaster, Avrohom Gelber and Paul Koppel advised on the Investment Company Act, and on issues related to U.S. tax and the Employee Retirement Income Security Act.
A&O Shearman acted for the arrangers and dealers, and as listing agent for the transaction, with partner Aloysius Tan leading the team.
According to the SGX memorandum, AZP and Assegaf Hamzah & Partners advised the government, arrangers and traders on Indonesian legal aspects. Both firms did not respond to requests for comment at the time of publication.
The Trust Certificates are listed on both the Singapore Exchange and Nasdaq Dubai. This transaction marks another milestone in Indonesia’s ongoing commitment to sustainable and green financing. The arrangers and brokers for this transaction are Citigroup, Dubai Islamic Bank, HSBC, Mandiri Securities and MUFG.
