Linklaters, Clifford Chance and Hiswara Bunjamin & Tandjung, the Indonesian arm of Herbert Smith Freehills Kramer (HSF Kramer), have advised on Danantara Indonesia’s debut USD5 billion global medium-term note (MTN) programme and inaugural USD1.5 billion bond issuance through Danantara Investment Management (DIM).
The issuance comprises two tranches – USD750 million five-year notes and USD750 million 10-year notes – and attracted a peak orderbook of around USD4.6 billion, more than three times the final issuance size, with participation from global institutional investors.
Issuance proceeds are expected to be used for general corporate purposes, such as investments and the refinancing of existing debt.
Linklaters advised the joint lead managers, with the team led by head of South and Southeast Asia capital markets Amit Singh and partner Xunming Lim, who had the support of managing associate Calvin Cheng.
Hiswara Bunjamin & Tandjung assisted DIM on the establishment of the global MTN programme and bond issuance. Managing partner Tjahjadi Bunjamin spearheaded the team, which included senior associate Defina Rosa Tantri and associates Karaninda Siregar and Raudhatul Jannah.
Clifford Chance also represented DIM, acting as New York and US federal securities law counsel. Gareth Deiner led the deal team, with the support of partner Alan Yeung, counsel Stephanie Liman and associate Jun Kai Choo.
Additional support was provided by partners Jefferey LeMaster, Avrohom Gelber and Paul Koppel, alongside associates Dennis Morrisroe, Gil Shauly and Ivona Dimov.
Danantara is Indonesia’s sovereign wealth fund and serves as a super-holding company for state-owned enterprises. Its purpose is to consolidate government assets, boost economic growth, fund large-scale national infrastructure projects and attract global investment.