11 April, 2013
Herbert Smith Freehills has acted as international counsel to Citigroup Global Markets Limited and Standard Chartered Bank as joint lead managers and bookrunners, and BT Bahana Securities as co-manager on PT Bank Rakyat Indonesia (Persero) Tbk’s (“BRI”) US$500 million 2.95% notes (“the Notes”) due 2018 which was listed on the Singapore Stock Exchange.
Herbert Smith Freehills’ affiliate firm, Hiswara Bunjamin & Tandjung (“HBT”) advised the joint lead managers and the co-manager as to the matters of Indonesia law.
BRI is Indonesia’s oldest commercial bank and is the leading bank serving micro, small and medium enterprises in Indonesia. BRI also has the largest branch services network in Indonesia.
The Notes mark BRI’s first offering of USD denominated senior debt in the international debt capital markets. It is believed that the coupon and yield for the Notes are the lowest achieved by any Indonesian issuer in the USD bond markets to date, reflecting BRI’s solid financial fundamentals.
The Herbert Smith Freehills team was led by capital markets partner, Philip Lee, who was supported by counsel Siddhartha Sivaramakrishnan, senior associates Felipe Duque and Simon Barrell, and associates Nupur Kant and Yuji Huang. Finance team partner Alexander Aitken and senior associate Etelka Bogardi advised the Bank of New York Mellon as trustee and in various agency capacities.
Philip Lee commented:
“We are delighted to have had the opportunity to work on this significant bond issue by BRI and to have help BRI achieve such a successful offering. The demand for bond issuance in emerging markets such as Indonesia has been growing enormously. Herbert Smith Freehills has a strong capital markets team across our global network. We are well-placed to advise clients as and when they require capital in multiple currencies and jurisdictions.”
For further information, please contact:
Wendy Kam, Herbert Smith Freehills