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