Singapore: Leading international law firm Clifford Chance has advised the Republic of Indonesia on the update of its US$25 billion trust certificates (sukuk) issuance programme and the issuance of a US$3 billion dual tranche sukuk (comprising 5-year "green" sukuk and 10-year sukuk). The transaction was the world's first-ever sovereign green sukuk, and the first issuance under the Republic's green bond and green sukuk framework.

The work with the Republic was led in Singapore by partner Johannes Juette, and in Dubai by partner Qudeer Latif, supported by Singapore senior associate Shashwat Tewary, counsel Gareth Deiner, associate Cherrylene Lee and trainee Guo Kai Soo.

The firm advised the Republic of Indonesia on the United States and English law aspects of the programme and the issuances.

Johannes offers, "This transaction further strengthens the green bond credentials of our global network. We're delighted to have been involved on Republic of Indonesia's sukuk programme for the past four years."

Clifford Chance holds a strong history in advising on firsts in this space, having advised on the international aspects of Garuda Indonesia's US$500 million sukuk; the first-ever offshore US dollar offering by an Indonesian corporate issuer and the first sukuk issuance utilising the airline capacity structure in Asia. The team also advised the Republic of Indonesia on its issuance of approximately JPY100 billion (US$799 million) samurai bonds, one tranche guaranteed by JBIC and two tranches nonguaranteed. This was the first non-guaranteed samurai bond issued by the Government of Indonesia in over 30 years.

In 2016, Clifford Chance advised the joint lead managers on Bank of China Limited's issuance of $500 million green covered bonds due 2019, the first ever sale of green covered bonds from a Chinese bank.


Clifford Chance is one of the world's pre-eminent law firms with significant depth and range of resources across five continents. As a single, fully integrated, global partnership, we pride ourselves on our approachable, collegiate and team-based way of working. We always strive to exceed the expectations of our clients, which include corporates from all the commercial and industrial sectors, governments, regulators, trade bodies and not for profit organisations. We provide them with the highest quality advice and legal insight, which combines the firm's global standards with in-depth local expertise.

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© Press Release 2018