White & Case is advising the Indonesian government on a $1.75 billion sovereign debt issue on the Singapore Exchange.

Calculated to yield 5.375 percent, the Indonesian bonds are targeted at investors from the U.S. and Europe as well as Asia. According to the prospectus, the bond sale will help the Indonesian government plug its budget deficit this year.

The bonds, which will mature in 2042, are part of a planned global medium-term note program that is projected to float $15 billion in Indonesian sovereign debt.

White & Case, which declined to comment on the deal, is advising on U.S. law aspects of the issue. Jakarta-based Thamrin & Rachman Law Firm is providing Indonesian counsel to the issuer, and Allen & Gledhill is providing Singapore counsel. White & Case previously acted as international counsel to the Indonesian government in 2008, on a $2.2 billion issue of 30-year sovereign bonds.

Linklaters and Indonesian firm Assegaf Hamzah & Partners are acting for the underwriters–The Hongkong and Shanghai Banking Corp. Ltd., J.P. Morgan Securities Ltd., Standard Chartered Bank, Merrill Lynch (Singapore) Pte. Ltd., and Barclays Bank PLC–on U.S. and Indonesian law, respectively.

Email: jseah@alm.com