Allen & Overy and Clifford Chance have the lead roles on a $4.3 billion sovereign bond offer by the government of Indonesia to raise funds for COVID-19 relief programs and recovery efforts. The deal was the largest ever dollar-denominated bond ever issued by Indonesia. The offer consisted of three trenches: $1.65 billion in 10.5-year notes with a 3.85% coupon; $1.65 billion in 30.5-year bonds with a 4.20% yield and $1 billion in 50-year securities with a 4.45% return. The 50-year trench is the longest dated sovereign bond ever offered by an Asian issuer.
Allen & Overy Singapore partner Felipe Duque led the team advising the Indonesian government. New York partner Jack Heinberg gave U.S. tax advice. Partner Harun Reksodiputro of Ginting & Reksodiputro, Allen & Overy’s Indonesia affiliate firm, served as local counsel.
