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Clifford Chance with Republic of Indonesia on US$2.35 bn sukuk

Clifford Chance has advised the Republic of Indonesia on the international aspects of its landmark US$2.35 billion global sukuk.

The three-tranche offering comprises of US$750 million 5-year, US$1 billion 10-year and US$600 million 30-year (green) Reg S/144A trust certificates due 2029, 2034 and 2054 respectively. The 30-year green sukuk is backed by a pool of green assets, highlighting the Republic’s long-term commitment to green and sustainable financing. The trust certificates are dual-listed on the Singapore Exchange and NASDAQ Dubai.

Clifford Chance’s team

Gareth and Qudeer Latif, based in Dubai, co-led the cross-border team advising on the transaction, which also includes counsel Stephanie Liman (Singapore), associate Joel Sherard (Singapore) and trainee solicitor Charmaine Fang (Hong Kong). New York partners Jefferey LeMaster, Avrohom Gelber and Paul Koppel, and associate Emily Picard provided additional advice on Investment Company Act, US tax and ERISA considerations.

Citigroup, Dubai Islamic Bank, HSBC, Mandiri Securities and MUFG acted as Joint Lead Managers and Joint Bookrunners.