ABNR Counsellors at Law is a very strong independent firm that regularly works alongside international law firms on cross-border deals, as exemplified by its recent work alongside Latham & Watkins LLP on Pertmina’s $1.5b global bond offering on the Singapore Stock Exchange. The team has expertise in both debt and equity offerings, acting for both issuers, arrangers, and underwriters. Chandrawati Dewi and Rita T Taufik are the two key names of note.
Capital markets in Indonesia
- Indonesian counsel to state energy company PT Pertamina for their $1.5b global bond that was listed on the Singapore Exchange on 21 January 2020.
- Indonesian counsel to state energy company PT Pertamina for their $1.45b global bond that was listed on the Singapore Exchange on 25 February 2020.
- Indonesian counsel to the initial purchasers of the $400m high-yield global bond issued by Indonesian publicly listed coal miner PT Bayan Resources Tbk
Assegaf Hamzah & Partners is particularly prominent in the areas of sovereign and Sukuk issuances, with a client roster including major financial institutions as well as high profile state-owned entities. Managing partner Bono Daru Adji is respected name within this space, mostly known for his work US and Eurobond offerings. Putu Suryastuti leads the capital markets team and specialises in sovereign and shelf registered bonds. He is supported by Mohammad Renaldi Zulkarnain and Intan Paramita.
The Government of the Republic of Indonesia – Government
PT Indonesia Asahan Aluminium (Persero) – Holding Company for State Owned Enterprise Mining Industry
PT Medco Energi Internasional Tbk. – Energy Resources (oil and gas)
PT Medco Power Indonesia – Power
PT Pelabuhan Indonesia III (Persero) – Port (State Owned Enterprise)
PT Pelabuhan Indonesia IV (Persero) – Port (State Owned Enterprise)
PT Bank Mandiri (Persero) Tbk – Financial Institution
PT Bank Artos Tbk – Financial Institution
PT Bank China Construction Bank Indonesia Tbk – Financial Institution
PT Mandiri Sekuritas – Financial Institution
PT Bank Tabungan Pensiunan Nasional Syariah Tbk. – Financial Institution
PT Barito Pacific Tbk. – Petrochemical
PT Chandra Asri Petrochemical Tbk. – Petrochemical
PT XL Axiata Tbk. – Telecommunication
PT Merdeka Copper Gold Tbk. – Mining
PT Surya Esa Perkasa Tbk. – Oil & Gas
PT Sarimelati Kencana Tbk. – F&B
PT Jaya Bersama Indo Tbk. – F&B operator
- Acted for the joint lead managers, as its Indonesian counsel in PT Hutama Karya’s USD 600 million issuance.
- Acted for PT Indonesia Asahan Aluminium in the issuance of its $1b 5-year tranche issuance.
- Advised Bank Artos in relation to its rights issue.
Ginting & Reksodiputro in association with Allen & Overy
2020 was a landmark year for Ginting & Reksodiputro in association with Allen & Overy’s capital markets practice, having advised the Government on the country’s largest ever bond offering in Indonesia of $4.3b, with a 50 year maturity - which was the longest dated bond by any Asian sovereign issuer. Senior partner Harun Reksodiputro advised on that particular mandate and alongside his work for the government is particularly strong in advising international investors on equity and debt capital markets. Managing partner Daniel Ginting is another key name in this space and is similarly very strong in advising state bodies as well as banks and energy companies.
‘During our bond issuance process, the team had a very systematic, structured, and efficient work method that helps us as clients in meeting the deadlines. They also simplified the existing work streams to make our current and next bond issuance process more manageable and more efficient for us.’
‘They were always focused on the solution without compromising the applicable law, tried to find a workaround for every problem. The team’s knowledge, capability, expertise, and technical know-how are exceptional. They knew how to prioritize during the limited time frame, were always reliable, and were always accessible during critical times.’
The Republic of Indonesia
PT Pertamina (Persero)
PT Bank Tabungan Negara (Persero) Tbk
PT Hutama Karya (Persero)
PT Bank Negara Indonesia (Persero) Tbk
PT Garuda Indonesia (Persero)
- Advised the Republic of Indonesia on its international bond offering of $4.3b.
- Advised PT Bank Tabungan Negara on its $300m bond offering.
Hadiputranto, Hadinoto & Partners, a member firm of Baker McKenzie
Hadiputranto, Hadinoto & Partners, a member firm of Baker McKenzie has been advising both public and private domestic companies on major issuances and initial public offerings. Practice head Iqbal Darmawan primarily acts on the issuer side, advising on offshore IPOs, as well as equity and debt issuances.
PT Ashmore Asset Management Indonesia
PT Bayan Resources Tbk
PT Lippo Karawaci Tbk
PT Rajawali Corpora
PT Perusahaan Listrik Negara (Persero)
PT Astra International Tbk
PT Bank Central Asia Tbk
PT Intraco Penta Tbk
PT Jasa Marga Tbk
PT Chandra Asri Petrochemical Tbk
PT Intan Baruprana Finance Tbk
- Advised the joint lead managers and bookrunners of the Republic of Indonesia’s first 50-year dollar-denominated bonds issuance.
- Advised PLN on the issuance of bonds in the total amount of ¥23.b worth of Samurai bonds.
- Acting as Indonesian counsel to PT Ashmore Asset Management Indonesia Tbk in its initial public offering and listing on the Indonesia Stock Exchange.
With expertise in ECM and DCM, Hiswara Bunjamin & Tandjung in association with Herbert Smith Freehills’ versatile capital markets group has earned instructions from Deutsche Bank, Morgan Stanley and Goldman Sachs. The team’s workload has consisted of sovereign bonds, US securities, as well as local and global IPOs. Founding partner Tjahjadi Bunjamin leads the practice and is an expert in debt capital markets, most notably involving state-owned-entities. On the equity side, corporate practice head David Dawborn has a broad skillset which includes advising on IPOs. Viska Kharisma Fajarwati is also a key name for ECM, and acts for global financial institutions as well as local securities companies.
Standard Chartered Bank
CGS-CIMB Sekuritas Indonesia
CLSA Sekuritas Indonesia
Indo Premier Sekuritas (IPS)
Delta Merlin Dunia Textile
- Advised the Underwriters in the issuance of $2b and €1b SEC-registered bonds by the Republic of Indonesia.
- Advised Bank Danamon on the sale of a majority stake of its general insurance subsidiary, Adira Insurance, to Zurich for $385m.
- Advised Unicharm, a leading Indonesian manufacturer of healthcare products, on its global public offering.
Makes & Partners is the best independent firm in the capital markets space, often working alongside non-affiliated international firms on complex and often precedent-setting capital markets deals. Managing partner Yozua Makes leads the practice and recently advised three real estate property companies on their collective public listing of the largest real estate investment trust in Indonesia. Bernardus Billy also specialises in capital markets and is currently very active in shelf registration offerings. Corporate partner Iwan Setiawan is also active in the capital markets space.
Citigroup Global Markets Singapore Pte. Ltd
UBS AG Singapore Branch
Credit Suisse (Singapore)
PT Agung Podomoro Land
PT Lippo Karawaci Tbk
PT Sinarmas Asset Management
PT Plaza Indonesia Realty Tbk
PT Indonesian Paradise Property Tbk
PT Tunas Baru Lampung Tbk
- Assisted PT Sinarmas Asset Management, PT Plaza Indonesia Realty Tbk, PT Indonesian Paradise Property Tbk, and Rosano Barrack, in the public offering of Dana Investasi Real Estate.
- Assisted Citigroup Global Markets Singapore Pte, Ltd, UBS AG Singapore Branch, Credit Suisse in the issuance and sale of $300m senior notes.
- Assisted PT Lippo Karawaci Tbk in the issuance of the total of $420m senior notes.
Soemadipradja & Taher is a key name in the market for government bond issuance having recently acted for the Indonesian government and international arrangers on two separate bond issuances. Emalia Achmadi advises on both of those deals and has also been very active in advising on IPOs. Working alongside Achmadi on most of these deals is Denia Isetianti Permata who is a member of the Capital Markets Legal Consultants Association, noted for her experience in handling IPOs, Samurai bonds, and Sukuk issuances. The teams’ offering has recently been enhanced with its strategic alliance with Singaporean firm Allen & Gledhill LLP, a leading firm in equity and debt capital markets.
Joint Lead Managers (Citigroup Global Markets Inc, Credit Agricole Corporate and Investment Bank, Deutsche Bank AG London Branch, the Hongkong and Shanghai Banking Corporation Limited, Mandiri Securities Pte Ltd and Standard Chartered Bank)
Ministry of Finance of Republic of Indonesia
PT Ifishdeco Tbk
Kin Group Pty. Ltd.
PT Bukit Asam Tbk
- Acted as independent Indonesian legal counsel to the joint lead managers in connection with the offering and sale by the Republic of Indonesia of €750m worth of bonds.
- Advised the government on its $1b issuance of bonds.
- Advised Ifishdeco on its IPO.
Widyawan & Partners
The capital markets team at Widyawan & Partners is particularly strong for debt capital markets, most notably in investment grade and high yield bond transactions. Adrian Pranata leads the team and typically acts for international financial institutions on their interests is US and Eurobond securities, most recently acting on a Basel III compliant structure.
‘Key strengths and capabilities: highly knowledgeable and experienced in Indo matters across both Investment Grade and High Yield bond transactions. Good understanding of recent precedents and clear familiarity with the latest developments (both regulatory and structuring perspectives in Indo market). Excellent tie-up with Linklaters which creates a great seamless partnership.’
‘Adrian Cornelius Pranata; and Randy Irawan – they are both knowledgeable and yet able to balance on commercial requirements to provide helpful professional solutions, clear presentation skills, easily contactable and quick in reverting with helpful responses.’
Standard Chartered Bank
Bank CIMB Niaga
- Advised on a $2.5bn triple series notes offering and concurrent tender offers by PT Indonesia Asahan Aluminium (Persero).
- Advised PT Bank Tabungan Negara’s issuance of $300m Tier II Capital Bonds.
- Advised on the establishment of $2b Euro Medium Term Note Programme of PT Bank Negara Indonesia (Persero) Tbk, a state-owned bank of Indonesia.
Attracting big names such as Morgan Stanley, Credit Suisse, and DBS, Witara Cakra Advocates (WCA) in exclusive association with White & Case LLP Indonesia has a multi-disciplined practice that is currently very active in IPOs and REIT deals. Practice head Kristo Molina is particularly strong in equity capital markets and is mostly advises arrangers on major insurances or corporates on their initial public offerings. He is supported by banking and finance practice head Fajar Ramadhan.
‘WCA’s team is responsive and reachable and has a strong knowledge of the products (M&A and capital market) that they are working on.’
‘Kristo Molina is an individual that stands out given his knowledge on the Indonesian capital market, and the insights that he provides in viewing the commercial aspects on a transaction.’
‘We have been working with their capital market’s team and they have been providing us with constructive solutions on each challenge that we encountered for the last 4 USD bonds issuances that we had (thus far). They worked as the Counsels to our Bonds Initial Purchasers at the recommendation of AHP and it worked well.’
‘WCA has a strength in capital markets. They did the IPO of our company and are currently working on the bond issuance of our company. The fact that we are their repeat clients is the testimony about their quality of work. Their associates are professional and dedicated.’
‘Kristo Molina is the lead partner handling our company. He is very knowledgeable and reachable anytime we need his advices. The advices he gives is fair in assessing the risks, yet providing a commercial solution.’
CIMB Bank Berhad, Singapore Branch
Credit Suisse (Singapore) Limited
DBS Bank Ltd
Deutsche Bank AG, Singapore Branch
Morgan Stanley Asia (Singapore) Pte
Standard Chartered Bank (Singapore) Limited
Mandiri Securities Pte Ltd
Nomura Singapore Limited
PT Diamond Food Indonesia Tbk
- Advised BNP Paribas, CIMB Bank Berhad, Singapore Branch, Credit Suisse and Deutsche Bank as joint lead managers in connection with LMIRT Capital Pte. Ltd.’s notes offering.
- Advised PT Diamond Food Indonesia Tbk as the issuer in its IPO, and its listing on the Indonesian Stock Exchange.
- Advised a consortium of banks as initial purchaser in the issuance of $650m senior notes.
Hanafiah Ponggawa & Partners
Hanafiah Ponggawa & Partners is particularly active in advising state-owned-entities on capital market deals, with expertise in the issuances of bonds and shares as well as public offerings. Capital markets specialist Erwin Kurnia Winenda leads the team and has been active in advising on asset-backed securities, medium term notes and public offerings.
PT Bahana TCW Investment Management
PT Danareksa (Persero)
PT Saraswanti Anugerah Makmur Tbk
PT Dana Brata Luhur
- Successfully assisted PT Bahana TCW Investment Management (“Bahana TCW”) in the issuance of an asset-backed securities.
- Assisted PT Danareksa with its issuance of medium term notes.
- Appointed by PT Dana Brata Luhur Tbk to assist with its IPO.
Makarim & Taira S. has been assisting issuers underwriters and investors on both public and private offerings. The team has a particularly strong track record in cross-border transactions, acting for inbound investors as well as local companies seeking offshore listings. Maria Sagrado leads the practice and is supported by banking and finance practice head Kurniawan Tanzil.
PT Lestari Banten Energi
PT Ciptadana Capital
Lucent Block Co. Ltd
Dominus Asset Management
DZ Bank AG
PT Bank Mandiri (Persero) Tbk
- Acted as the Indonesian counsel to PT Lestari Banten Energi in connection with international offering outside Indonesia of $775m.
- Acted as legal counsel for PT Ciptadana Capital related to the amendments to the subscription agreement related to the issuance of medium term notes by PT Sentul City Tbk.
- Advised Lucent Block on setting up a real estate trading platform in Indonesia.
Tjajo & Partners
A strong name in the domestic market, Tjajo & Partners is highly skilled in equity and debt capital markets, most notably as part of major corporate restructurings. The team has acted for both public and private companies, with recent mandates involving syndicated and dual tranche structures. Managing partner Rambun Tjajo and Melissa Butarbutar are the two key names of note.
- Assisting Walnut Bidco with its issuance of notes on the International Stock Exchange.
- Advised Asia Pacific Investama on its restructuring which involved major debt issuances.