International legal practice Norton Rose has advised the Republic of Indonesia for a second time on another large scale international sukuk issuance. The firm advised the Republic of Indonesia on the establishment of a US$3 billion sukuk issuance program and the initial issuance of US$1 billion of sukuk under the program. The issuance, which closed on November 21, 2012, has a maturity of ten years, with periodic distributions of 3.3 per cent per annum. The issuance was governed by English laws and was offered under Rule 144A and Regulation S of the US Securities Act to a broad range of investors based inside and outside the US.
Norton Rose’s reappointment by the Republic of Indonesia this year has demonstrated its increasing recognition as a leading adviser in debt capital markets and US securities law in Asia and further enhanced its preeminent position in Islamic finance. In 2011, Norton Rose also advised the Republic of Indonesia on its landmark sukuk issuance of US$1 billion.
Ji Liu, partner in Hong Kong, said:
“We are delighted to have been appointed again this year by the Republic of Indonesia on this significant transaction. The fact that the transaction closed so successfully is testament to the increasing confidence in the Indonesian economy.”
Ferzana Haq, Of Counsel in Singapore, commented :
“We are proud to have been selected to represent the Republic of Indonesia once again and to be able to show our capability and expertise in running such a large scale debt capital markets transaction from Asia.”
The Norton Rose team was led by capital markets partner Ji Liu in Hong Kong and Of Counsel Ferzana Haq in Singapore, with assistance from Allan Yee (senior associate) and Sarah Guo (associate) in Hong Kong, and Kirsty Nuttall (associate) and Wei Tin Liew (trainee) in Singapore. Support was also provided by partners Farmida Bi in London and Andrew Bleau in Hong Kong.
The joint lead managers for the transaction were Deutsche Bank, HSBC and Standard Chartered Bank.
Norton Rose’s reputation as a leading adviser in debt capital markets and US securities law has been growing from strength to strength in recent months. In addition to its reappointment by the Republic of Indonesia, Norton Rose recently advised Sunac China Holdings Limited, a company listed on the Hong Kong Stock Exchange, on the issuance of its US$400 million New York law governed high yield bonds. Norton Rose’s combination with leading U.S. law firm Fulbright & Jaworski to form Norton Rose Fulbright will further enhance the firm’s capability and expertise in debt capital markets and US securities laws.
