Indonesian firms have assisted Bank Mandiri’s USD750 million global bond offering in the first benchmark USD issuance from Southeast Asia since the escalation of geopolitical tensions involving the US, Israel and Iran in February 2026.
The Indonesian arm of A&O Shearman, Ginting & Reksodiputro, advised Bank Mandiri on its Regulation S offering of the senior unsecured fixed rate bonds under its euro medium term note programme. The bonds will mature in 2031 with a 5.25% coupon rate.
Ginting & Reksodiputro and A&O Shearman counselled on the English and Indonesian law aspects of the transaction. Partner Mohammad Andrew, who heads the global financial markets practice group in Jakarta, and Singapore-based partner Aloysius Tan led the transaction team.
“The transaction took place amid challenging market conditions, including a negative US market session during the early weeks of heightened geopolitical tension involving the United States, Israel and Iran in late February 2026,” Andrew told Asia Business Law Journal.
“As one of the first benchmark USD issuances from Southeast Asia since the escalation of those tensions, the timing and execution of the deal were particularly noteworthy.”
Hiswara Bunjamin & Tandjung, the Indonesian associate firm of Herbert Smith Freehills Kramer (HSF Kramer), advised the underwriter dealers and managers on Indonesian laws involving the capital markets, banking, financial services and other regulations. The firm further counselled on Indonesian law on due diligence matters.
HSF Kramer provided English law advice on the bond issuance under Regulation S of the US Securities Act of 1933.
The Regulation S offering was oversubscribed more than three times.