White & Case and Norton Rose Fulbright have advised on the Republic of Indonesia's (ROI's) latest sukuk offering of $1.5bn (£943m).
This is the largest ever issuance of Shariah-compliant securities by the country, and part of a government-led initiative to boost its foreign-exchange reserves and promote Islamic finance in the region.
White & Case acted for Indonesia on the transaction, with a team led by capital markets partner Sean Johnson in Abu Dhabi.
The nation also instructed local firm AZP Legal Consultants to advise on Indonesian law, with Jakarta partner Ramona Walewangko heading up.
Norton Rose Fulbright represented the joint lead managers on the issuance, which included banks Deutsche, Citigroup Global Markets and Standard Chartered.
A team of three associates was led by Of counsel Ferzana Haq in Singapore, whilst Hong Kong corporate partner Andrew Bleau provided support on US securities law aspects.
The firm also acted as the listing agent of the certificates on the Singapore Stock Exchange, and advised the Bank of New York Mellon as the trustee through banking and finance partner Tessa Hoser in Sydney.
The lead managers' local counsel in Indonesia was Assegaf Hamzah & Partners, with a group overseen by senior associate Kanya Satwika.
Indonesia first issued a standalone tranche of sukuk in 2009, followed by a second issuance in 2011.
In November last year the country established a $5bn (£3.1bn) sukuk programme upgraded from an earlier programme of just $3bn (£1.8), and issued bonds worth $1bn (£628.8).
(Source:http://www.legalweek.com – Author: Elizabeth Broomhall in Hong Kong)
