has advised the Indonesian government on the establishment of a $3 billion Islamic bond, or
, program, with an initial issue of $1 billion.
Of the first
sukuk issue, 30 percent was offered to institutional investors in the Middle East, 20 percent to Indonesia, 20 percent to the rest of Asia, 15 percent to Europe, and 12 percent to the U.S. The
sukuk will mature in 10 years.
Hong Kong Partner Ji Liu and Singapore of counsel Ferzana Haq led Norton Rose’s work on the program and the initial offering.
The transaction marks Indonesia’s third global
sukuk issue since 2009, with the most recent being in November 2011. Norton Rose also advised on that $1 billion issue.
Allen & Overy
advised underwriters Deutsche Bank, Hongkong and Shanghai Banking Corp. Ltd., and Standard Chartered Bank.