Capital markets in Indonesia

Assegaf Hamzah & Partners

Assegaf Hamzah & Partners has expertise in debt and equity issuances and acts for both international and domestic clients. Managing partner Bono Daru Adji leads the practice and is particularly skilled in handling capital market transactions involving the energy sector. Ahmad Fikri Assegaf is another key figure and regularly advises on private placements and public offerings. Also recommended are Putu Suryastuti, Mohammad Renaldi Zulkarnain and Tunggul Utomo, who are also skilled in capital market transactions.

Practice head(s):

Bono Daru Adji 

Key clients

The Republic of Indonesia

Star Energy Geothermal (Wayang Windu) Limited

Indonesia Asahan Aluminium

Mandiri Sekuritas

Medco Energi Internasional Tbk.

Pelabuhan Indonesia III

Bank Tabungan Pensiunan Nasional

Syariah Tbk

Sarimelati Kencana Tbk.

Asuransi Tugu Pratama Indonesia Tbk

Barito Pacific Tbk

Chandra Asri Petrochemical Tbk

XL Axiata Tbk

Medco Power Indonesia

Pelabuhan Indonesia IV

Surya Esa Perkasa Tbk.

Merdeka Copper Gold Tbk

Jaya Bersama Indo Tbk

Urban Jakarta Propertindo Tbk

Pelabuhan Indonesia IV

Semen Indonesia Tbk

Alam Sutera Realty Tbk

Kirana Megatara Tbk

Saratoga Investama Sedaya Tbk

Urban Jakarta Propertindo Tbk

Abu Dhabi Commercial Bank PJSC

Work highlights

  • Acted for the Republic of Indonesia in its successful return to the US dollar bond markets using an SEC-registered format in a transaction made up of $750m five-year, $1.25bn ten-year and $1bn 30-year senior unsecured fixed rated notes, which were listed on the Singapore Exchange and Frankfurt Stock Exchange.
  • Acted for Inalum on its sale of $4bn in bonds to fund the acquisition of gold and copper mines.
  • Acted as Indonesian legal counsel to a group of banks acting as green structuring adviser, joint lead managers and joint bookrunners to the Republic of Indonesia’s second green sukuk issuance.
  • Acted as Indonesian legal adviser to Medco Energi in the issuance of shelf-registered bonds.
  • Represented the franchisee of the Pizza Hut brand in Indonesia in its IPO, which raised over $47m.

Ginting & Reksodiputro in association with Allen & Overy

Ginting & Reksodiputro in association with Allen & Overy's capital markets team has been instructed on a number of high-profile deals, particularly high-yield deals and those with a particular focus on the energy sector. Founding partners Daniel Ginting and Harun Reksodiputro jointly lead the team and both have expertise in debt and equity capital markets transactions. Ginting is particularly skilled in advising state-owned entities. Corporate transactions expert Sugianto Osman also handles capital markets transactions. Senior associate Andrew Mohammad is also recommended.

Practice head(s):

Daniel Ginting; Harun Reksodiputro

Other key lawyers:

Sugianto Osman; Andrew Mohammad

Testimonials

‘Responsive team, efficient with deliverables, good time management.’

‘Sugianto Osman is always responsive when contacted and always addresses question in a timely and helpful manner. Great person to have a brainstorming session with.’

Key clients

BNP Paribas

Mandiri Securities

MUFG

ANZ Standard Chartered Bank

Bukit Makmur Mandiri Utama

HSBC

CIMB

CLSA

Indika Energy

Garuda Indonesia

Artajasa Pembayaran Elektronis

Sumitomo Mitsui Banking Corporation Nikko Securities

Work highlights

  • Advised ANZ, Mandiri Securities and SCB as joint lead managers on  Pelabuhan Indonesia III’s $500m 4.50% senior notes due 2023.
  • Advised CIMB and SMBC Nikko Securities on the offering of $775m 6.875% secured senior notes guaranteed by Lestari Banten Energi.
  • Assisted Garuda Indonesia, a state-owned airline, on its proposed issuance of senior unsecured notes.
  • Advised Artajasa Pembayaran Elektronis, an electronic transaction services provider, on its proposed IPO.

Hadiputranto, Hadinoto & Partners, a member firm of Baker McKenzie

Hadiputranto, Hadinoto & Partners, a member firm of Baker McKenzie works across all aspects of capital markets and is particularly strong in the chemicals, banking, public, construction and energy sectors. Iqbal Darmawan heads up the team and is an expert in debt and equity capital markets, as well as IPOs. Indah N Respati and associate partner Ken Prasadtyo are also key figures with this space.

Practice head(s):

Iqbal Darmawan

Other key lawyers:

Indah N Respati; Ken Prasadtyo

Testimonials

‘Easy to contact, committed and gets things done on time.’

‘Iqbal Darmawan has strongly capabilities in capital markets law.’

‘Ken Prasadtyo is a pleasure to work with.’

Work highlights

  • Advised Bank Rakyat Indonesia in connection with its issuance of $500m notes issued as sustainability bonds.
  • Represented Perusahaan Listrik Negara on its $5bn issuance of notes.
  • Advised PT Telekomunikasi Indonesia on the issuance of IDR758bn medium term notes and IDR742bn sharia ijarah medium term notes.
  • Advised Bank Rakyat Indonesia in connection with the issuance of $500m 4.625% US dollar senior notes due 2023.
  • Represented Bank BRISyariah Tbk in connection with its 2.62 billion shares IPO.

Hiswara Bunjamin & Tandjung in association with Herbert Smith Freehills

Hiswara Bunjamin & Tandjung in association with Herbert Smith Freehills acts for a number of blue-chip clients on capital markets transactions involving the banking, manufacturing, consumer and energy sectors. Founding partner Tjahjadi Bunjamin is a key name and has been very active in handling debt capital market transactions. Other key figures include Viska Kharisma Fajarwati, who is highly skilled in handling IPOs, and corporate head David Dawborn, whose broad workload often involves capital markets.

Practice head(s):

Tjahjadi Bunjamin

Testimonials

‘High quality service from the team – very responsive, adaptable, knowledgeable.’

Key clients

Credit Suisse

Deutsche Bank

Goldman Sachs

Morgan Stanley

UBS

Standard Chartered Bank

BNP Paribas

HSBC

CGS-CIMB Sekuritas Indonesia

CLSA Sekuritas Indonesia

Indo Premier Sekuritas

Mandiri Sekuritas

MNC Sekuritas

Delta Merlin Dunia Textil

Work highlights

  • Represented Surya Pertiwi Tbk in its IDR1.25tn global public offering.
  • Advised various multinational banks as dealers in the issuance of a $5bn global medium term note programme by state electricity company PLN.
  • Assisted various multinational banks as arrangers and dealers with the issuance of $750m senior notes by state oil and gas company Pertamina.
  • Advised Deutsche Bank, ING and Standard Chartered Bank as dealer managers and initial purchasers in the exchange offer of outstanding $250m senior notes due 2018 and the issuance of $56.4m senior notes due 2021 by PT MNC Investama Tbk.
  • Represented Bahana Sekuritas, CLSA Sekuritas Indonesia, Danareksa Sekuritas and Indo Premier Sekuritas as underwriters in the IDR1.38tn share offering by sharia bank Bank BRISyariah.

Makes & Partners

Capital markets has long been a mainstay of Makes & Partners' practice and the firm is a popular choice for complex cross-border transactions. Managing partner Yozua Makes leads the practice and is highly skilled in both debt and equity issuances. Other notable names from the team include senior partner Iwan Setiawan, who often advises on capital markets as part of his broader corporate skillset, and junior partner Bernardus Billy, who specialises in this area.

Practice head(s):

Yozua Makes

Other key lawyers:

Iwan Setiawan; Bernardus Billy

Witara Cakra Advocates (WCA) in association with White & Case

Witara Cakra Advocates (WCA) in association with White & Case has a strong background in debt and equity issuances, as well as advising on major IPOs. Practice head Kristo Molina specialises in capital markets and has represented multinational corporations and financial institutions in transactions. Banking and finance specialist Fajar Ramadhan is also skilled in handling bond offerings.

Practice head(s):

Kristo Molina 

Other key lawyers:

Fajar Ramadhan

Key clients

PT Garudafood Putra Putri Jaya Tbk N/A N

Citigroup Sekuritas Indonesia

Credit Suisse Sekuritas Indonesia

DBS Vickers Sekuritas Indonesia

Mandiri Sekuritas

CLSA Limited

Credit Suisse (Singapore) Limited

Work highlights

  • 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 Regulation S offering of $250m senior notes.
  • Advised Deutsche Bank and UBS as joint global coordinators and Indopremier and Credit Suisse as joint bookrunners in the secondary offering of 648.5 million ordinary shares in PT MAP Aktif Adiperkasa Tbk.
  • Advised Standard Chartered Bank and other banks as initial purchasers in relation to the $650m high-yield bond offering by Medco Oak Tree Pte Ltd.
  • Advised on a domestic IPO on the IDX by PT Garudafood Putra Putri Jaya Tbk.
  • Advised PT Citigroup Sekuritas Indonesia, PT Credit Suisse Sekuritas Indonesia, PT DBS Vickers Sekuritas Indonesia and PT Mandiri Sekuritas as the joint global coordinators of the IDR1.9tn Regulation S IPO of PT Medikaloka Hermina Tbk, a leading Indonesian hospital operator.

ABNR Counsellors at Law

ABNR Counsellors at Law represents international and domestic clients in both debt and equity offerings. Practice head Rita Tyastuti Taufik specialises in capital markets and is very active in cross-border transactions. Other highly capable partners in this area include Freddy Karyadi, Chandrawati Dewi and Theodoor Bakker.

Practice head(s):

Rita Tyastuti Taufik

Work highlights

  • Advised PT Pertamina (Persero) in relation to its issuance of $750m of 6.5% senior notes due 2048.
  • Acted for the arranger on the formation of an ABS over two Garuda Indonesia-owned aircraft units (MSN 1288 and MSN 41319) that will be sold to a newly formed issuer.
  • Acted as Indonesian independent counsel to Fullerton Healthcare Corporation on Indonesian law matters related to its IPO in the US.
  • Advised Bukit Uluwatu Villa Tbk, an Indonesian hotel and resort developer,  on its proposed rights issue and private placement, which are expected to raise up to $67m in fresh funds to finance capital expenditure projects and the acquisition of PT Bali Ocean Magic, a water-sports and recreation company.
  • Advising Novacon Technology Group on matters related to its Indonesian subsidiaries in connection with client’s proposed Hong Kong IPO.

Soemadipradja & Taher

Soemadipradja & Taher has advised on issuances and listings related to the mining, banking, TMT, and oil and gas sectors. Retno Muljosantoso leads the team and regularly advises international companies on capital markets transactions. Emalia Achmadi is also a key figure and notably strong in transactions relating to the natural resources sector.

Practice head(s):

Retno Muljosantoso 

Other key lawyers:

Emalia Achmadi

Key clients

Australia and New Zealand Banking Group Limited,

Citigroup Global Markets Inc.

DBS Bank Ltd

Deutsche Bank AG

Goldman Sachs

Mulia Industrindo

Work highlights

  • Acted as independent Indonesian legal counsel to a consortium of intenational banks in relation to the offering and sale of senior unsecured fixed rate notes by the Republic of Indonesia.

Widyawan & Partners

Adrian Pranata is the key name of note at Widyawan & Partners and has represented global banks on both debt and equity capital market transactions.

Testimonials

‘They have very dedicated team that really helpful satisfy the clients requirements.’

Key clients

CIMB Bank

MUFG Securities Asia

BNP Paribas

Standard Chartered Bank

DBS Bank

Mandiri Securities

Credit Agricole

HSBC

Citibank

Work highlights

  • Acted as legal counsel for the joint lead bookrunners in relation to the $4bn senior notes offering by PT Indonesia Asahan Aluminium (Persero) (Inalum) under Regulation S/Rule 144A.
  • Advised the joint lead managers in connection with a standalone issuance of $500m senior unsecured notes due 2023  by PT Bank Rakyat Indonesia
  • Instructed by Standard Charted Bank and BNP Paribas as legal counsel for the joint lead bookrunners in relation to the proposed issuance of Regulation S/Rule 144A high-yield bonds by PT Delta Merlin Dunia Textile, the largest manufacturer of greige fabric in Indonesia.
  • Acted as counsel for PT Bank CIMB Niaga Tbk in respect of its establishment of a sukuk mudharabah programme (and its first drawdown) and the issuance of subordinated debt.
  • Advised PT Pan Brothers Tbk on its cash tender offer in respect of its $200m 7.625% senior notes due 2022.

Hanafiah Ponggawa & Partners

Hanafiah Ponggawa & Partners is highly skilled in advising on IPOs and bond offerings. Practice head Erwin Kurnia Winenda specialises in capital markets and primarily advises domestic clients on issuances and public listings. Fabiola Hutagalung from the banking and finance team and Andre Rahadian from the corporate team are also often involved in capital market transactions. Managing partner Al Hakim Hanafiah is also recommended.

Practice head(s):

Erwin Kurnia Winenda

Work highlights

  • Advised Bank Mizuho Indonesia on its issuance of notes.
  • Assisted Silkroad Nickel Ltd with its listing on the Singapore Exchange.

Makarim & Taira S.

Makarim & Taira S. acts on both debt and equity capital markets matters, and is experienced in advising on IPOs. Maria Sagrado leads the team and regularly assists foreign investors with capital markets transactions. Banking and finance expert Kurniawan Tanzil has very broad expertise which includes bond issuances.

Practice head(s):

Maria Sagrado 

Other key lawyers:

Kurniawan Tanzil

Key clients

Dominus Asses Management

DZ Bank AG

Bank Mandiri Tbk

SSEK Legal Consultants

SSEK Legal Consultants' corporate practice regularly assists its client base with listings on the Hong Kong Stock Exchange. Corporate partners Ira Eddymurthy and Fahrul Yusuf are the two key names to note.

Practice head(s):

Ira Eddymurthy

Other key lawyers:

Fahrul Yusuf 

UMBRA – Strategic Legal Solutions

UMBRA – Strategic Legal Solutions advises multinational and domestic clients, including a number of state-owned enterprises. Ahmad Zakaria leads the team and advises on IPOs as well as other debt and equity capital markets matters. Managing partner Pramudya Oktavinanda is also active in this space.

Practice head(s):

Ahmad Zakaria

Other key lawyers:

Pramudya Oktavinanda

Testimonials

‘They have qualified team, extensive experience and extensive knowledge about the case with dedicated team.’

Key clients

PLN

Natura City Developments

Jasa Marga

Rajawali Nusantara Indonesia

Hutama Karya

Waskita Karya

Wijaya Karya

Adhi Karya

Pembangunan Perumahan

Kimia Farma

Bank DKI

Perusahaan Pengelola Aset

Kimia Farma

Indofarma

Bio Farma

Perusahaan Gas Negara

Telkom Indonesia

Pertamina

Semen Baturaja

Waskita Beton Precast

Dirgantara Indonesia

Pindad

Dahana

PAL Indonesia

Len Industri

Industri Telekomunikasi Indonesia

Industri Nuklir Indonesia

Work highlights

  • Representing Natura City Developments in its pre-IPO restructuring and the IPO process.
  • Acting for PLN in its offering of IDR2.535tn bonds and IDR698.5bn ijarah sukuk as part of its 2018 continuous local bonds offering programme.
  • Representing PLN in its offering of IDR16tn bonds and IDR4tn ijarah sukuk as part of its 2018-2020 shelf offering programme.