NAME: Issuance of first US dollar sustainability-linked bond from Southeast Asia
LAW FIRM: Assegaf Hamzah & Partners, Rajah & Tann, Clifford Chance
LAWYERS: Assegaf Hamzah & Partners – Putu Suryastuti
Rajah & Tann – Lee Xin Mei, Cheryl Tan and Eugene Lee
Clifford Chance – Johannes Juette, Gareth Deiner
JURISDICTIONS: Indonesia, Singapore
PRACTICE AREAS: Capital markets
INDUSTRY SECTORS: Agriculture
The first US dollar-denominated sustainability-linked bond (SLB) issuance from Southeast Asia and Indonesia’s first SLB is our deal of the month for March.
The IDX-listed subsidiary of Singapore-headquartered agri-food giant Japfa, Japfa Comfeed Indonesia, successfully issued its $350 million SLB on the Singapore Stock Exchange on March 23.
The bonds, which mature in 2026 with a 5.735% coupon, were three times oversubscribed.
The issuance broke new ground as not only Indonesia’s first SLB and the first US dollar-denominated SLB from Southeast Asia, it was also the first SLB from the agri-food industry globally.
Japfa Comfeed Indonesia was represented by partner Putu Suryastuti of Assegaf Hamzah & Partners as its Indonesian counsel, while a Rajah & Tann team led by partners Lee Xin Mei, Cheryl Tan and Eugene Lee was the issuer’s Singapore counsel. The joint bookrunners were advised by Clifford Chance.