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Allen & Overy advises the Republic of Indonesia on its largest ever global Sukuk offering

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Tan Aloysius
Aloysius Tan

Partner

Singapore

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Duque Felipe
Felipe Duque

Partner

Singapore

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Image of Husayn Reza
Husayn Reza

Counsel

Singapore

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Celine Sim

Associate

Singapore

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Image of Sean Cao
Sean Cao

Associate

Singapore

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Image of Nick Yap
Nick Yap

Associate

Singapore

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07 June 2022

Allen & Overy has advised the Republic of Indonesia (the Republic) on its USD3.25 billion Sukuk offering comprising of USD1.75 billion 5-year and USD1.5 billion 10-year (Green) Reg S/144A Sukuk tranches, each of which were based on the Shariah principles of Wakala.

This transaction was notable for being the largest ever global USD Sukuk offering by the Republic and the largest ever Green Sukuk tranche globally. The proceeds from the 10 year Sukuk issuance will be used exclusively to finance or re-finance expenditure directly related to Eligible SDGs Expenditures with Green and Blue focus in accordance with the SDGs Government Securities Framework of the Republic. The dual Sukuk offerings were listed on the Singapore Exchange Securities Trading Limited and NASDAQ Dubai. 

The transaction also marked a milestone in the regional evolution of Sukuk documentation by becoming the first ever APAC issuance which is fully complaint with the standards set by the UAE’s Higher Sharia Authority (in line with AAOIFI principles); setting the path for future Sukuk transactions in the APAC region.

Partner Aloysius Tan commented: “This significant mandate builds on the experience and expertise of A&O’s outstanding global Islamic Finance practice, having acted on numerous high profile sukuk offerings in recent times, and speaks to the ongoing development of and international demand for Islamic securities from the ASEAN region. It has been a privilege to have been able to help execute this landmark transaction successfully for our clients.”

The team was led by partners Aloysius Tan and Felipe Duque, and counsel Husayn J. Reza with assistance from associates Celine Sim, Sean Cao, Nick Yap and legal assistant Khalil Abdulaziz.

For further information, please contact Georgia Bennett at gbennett@sefiani.com.au

Disclaimer:

The information contained herein is restricted and is not for publication, distribution or release in or into the United States of America, Australia, Canada, Japan or South Africa. This announcement is not an offer of securities for sale or a solicitation of an offer to purchase securities in the United States or any other jurisdiction. The securities referred to herein (the "Securities") have not been and will not be registered under the U.S. Securities Act of 1933, as amended, and may not, subject to certain exceptions, be offered or sold in the United States or to or for the account or benefit of a person located in the United States.

This significant mandate builds on the experience and expertise of A&O’s outstanding global Islamic Finance practice, having acted on numerous high profile sukuk offerings in recent times, and speaks to the ongoing development of and international demand for Islamic securities from the ASEAN region. It has been a privilege to have been able to help execute this landmark transaction successfully for our clients.

Aloysius Tan

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