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Republic of Indonesia USD4.3 billion global bond offering to partially fund its Covid-19 recovery efforts

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Duque Felipe
Felipe Duque

Partner

Singapore

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Reksodiputro Harun
Harun Reksodiputro

Partner, Ginting & Reksodiputro in association with Allen & Overy

Jakarta

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Jack L. Heinberg

Partner

New York

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16 April 2020

Allen & Overy has advised the Republic of Indonesia (the "Republic") on its SEC-registered global offering of USD1.65 billion aggregate principal amount of 3.85% U.S. dollar bonds due 2030, USD1.65 billion aggregate principal amount of 4.20% U.S. dollar bonds due 2050 and USD1 billion aggregate principal amount of U.S. dollar bonds due 2070. 

The Republic may use the proceeds of the bonds to partially fund its Covid-19 relief and recovery efforts.  The transaction was notable for being the largest-ever bond offering by Indonesia and for the 50-year maturity of one of the tranches, the longest dated bond by any Asian sovereign issuer to date. 

The A&O team was led by partner Felipe Duque, assisted by associates Magdalena Biereder and Sean Cao.  Partner Harun Reksodiputro, senior associate Andrew Mohammad and associate Richele Suwita, all from Ginting & Reksodiputro in association with A&O, advised the Republic as to matters of Indonesian law.  U.S. tax advice was provided by partner Jack Heinberg, senior counsel Caroline Lapidus and associate Dustin Plotnick.