Global law firm Norton Rose Fulbright has advised the underwriters, led by joint lead managers and joint bookrunners ANZ, Citigroup, Deutsche Bank, Goldman Sachs and Mandiri Securities, on a multi-billion dollar three-tranche bond issuance by the Republic of Indonesia (the “Republic”).

The Republic issued US$1 billion of 2.95% bonds due 2023, US$1.25 billion of 3.50% bonds due 2028 and US$1.75 billion of 4.35% bonds due 2048. The issuance was the Republic’s first US SEC-registered offering in over 15 years.  The bonds are listed in Singapore and Frankfurt.

PT Danareksa Sekuritas, PT Trimegah Sekuritas and PT Bahana Securities acted as co-managers.

The Norton Rose Fulbright cross-border team was led by Hong Kong-based partner David Johnson and associate Grace Lo. The team included Singapore-based partner Vicky Muenzer-Jones, of counsels Cynthia Teo and Paul Sumilas, trainee Emi Christensen and New York partner Michael Flamenbaum.

Norton Rose Fulbright has previously advised on three separate global sukuk offerings by the Republic and also advised the Republic on its combined global Euro/USD offering under its GMTN programme in July of this year.

David Johnson commented: “This very successful offering by the Republic follows a series of successful global bond issuances by the government, and further enhances the Republic’s reputation. We were very pleased to assist the underwriters and the Republic in this important transaction that has diversified and enlarged the Republic’s investor base.”