Clifford Chance advises Danantara Indonesia on US$1.5 billion debut international bond issuance
Global law firm Clifford Chance has advised PT Danantara Investment Management, the investment arm of Indonesia’s sovereign wealth fund Danantara, as New York and US federal securities law counsel on its US$1.5 billion debut US dollar bond offering under Regulation S, Rule 144A and Section 3(c)(7) of the US Investment Company Act of 1940, and on establishing a US$5 billion global medium-term note (GMTN) programme. The offering comprised US$750 million five-year notes and US$750 million 10-year notes.
This is the issuer’s first international bond offering and marks a milestone in establishing its presence in global capital markets. Proceeds are expected to be used for general corporate purposes, including investments and refinancing existing debt.
Lead partner Gareth Deiner said: “This successful debut reflects sustained investor demand for high-quality sovereign-linked issuers from Southeast Asia, even amid a challenging and unpredictable macroeconomic backdrop. Danantara Investment Management plays a key role in Indonesia’s sovereign wealth and long-term capital deployment strategy. The structure of the offering enabled access to deep US institutional liquidity alongside global investor demand.”
The successful execution of this transaction highlights Clifford Chance’s strong US securities capability and seamless cross-border capital markets coverage across Asia and the United States. The deal team involved partners Gareth Deiner and Alan Yeung, counsel Stephanie Liman and associate Jun Kai Choo.
Additional support was provided by:
- 40 Act: partner Jeffrey LeMaster and associate Dennis Morrisroe
- US tax: partner Avrohom Gelber, and associate Gil Shauly
- ERISA: partner Paul Koppel and associate Ivona Dimov.
This transaction builds on Clifford Chance’s strong track record advising on Indonesia sovereign and sovereign-linked bond issuances, including PT Perusahaan Listrik Negara’s US$1.5 billion bond issuance and the Republic of Indonesia’s multi-tranche global bond offerings.
Media contact: Madhu Mirpuri