Assegaf Hamzah & Partners is proud to have represented Perusahaan Penerbit SBSN Indonesia lII (“PPSl-lll”), a legal entity established by the Government of Indonesia for the purpose of issuing Shari’a compliant securities in foreign currencies in the international markets, in the Republic of Indonesia’s recent, record-breaking USD 2.5 billion Wakala Sukuk.
The transaction is noteworthy for being the largest ever Asian USD Sukuk transaction, the largest ever USD Sukuk issued by Indonesia, and the first ever dual-tranche US Dollar Sukuk issued by Indonesia.
The Wakala Sukuk, which consists of USD 750 million 5-year and USD 1.75 billion 10-year Reg. S/144A Trust Certificates due in 2021 and 2026, respectively, was listed on the Singapore Stock Exchange on March 30 and on the NASDAQ Dubai on March 31.
The underlying assets for the Wakala Sukuk consist of (i) state-owned assets including land and buildings (51%), and (ii) project assets which are under construction or to be constructed (49%).
Ranked as a top-tier firm in Capital Markets by leading international legal directories Chambers Asia Pacific and Legal 500 Asia Pacific, AHP has been involved in many of the Republic of Indonesia’s sukuk and conventional bond issuances down the years.
AHP Client Alert is a publication of Assegaf Hamzah & Partners. It brings an overview of selected Indonesian laws and regulations to the attention of clients but is not intended to be viewed or relied upon as legal advice. Clients should seek advice of qualified Indonesian legal practitioners with respect to the precise effect of the laws and regulations referred to in AHP Client Alert. Whilst care has been taken in the preparation of AHP Client Alert, no warranty is given as to the accuracy of the information it contains and no liability is accepted for any statement, opinion, error or omission.