Capital markets in Indonesia

ABNR Counsellors at Law

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.

Practice head(s):

Ms. Chandrawati Dewi

Work highlights

  • 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

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.

Practice head(s):

Putu Suryastuti

Key clients

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

Work highlights

  • 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.’

Key clients

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)

Work highlights

  • 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.

Practice head(s):

Iqbal Darmawan

Key clients

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

Work highlights

  • 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.

Hiswara Bunjamin & Tandjung in association with Herbert Smith Freehills

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.

Key clients

Credit Suisse

Deutsche Bank

Goldman Sachs

Morgan Stanley


Standard Chartered Bank

BNP Paribas


CGS-CIMB Sekuritas Indonesia

CLSA Sekuritas Indonesia

Indo Premier Sekuritas (IPS)

Mandiri Sekuritas

MNC Sekuritas

Delta Merlin Dunia Textile

Work highlights

  • 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

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.

Key clients

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

Work highlights

  • 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

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.

Key clients

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

Work highlights

  • 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.

Practice head(s):

Adrian Pranata


‘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.’

Key clients

BNP Paribas

Standard Chartered Bank

DBS Bank

Mandiri Securities



Bank CIMB Niaga

Deutsche Bank

ING Bank

Work highlights

  • 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.

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

Practice head(s):

Kristo Molina


‘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.’

Key clients

BNP Paribas

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

Sinarmas Sekuritas

PT Diamond Food Indonesia Tbk

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 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.

Key clients

PT Bahana TCW Investment Management

PT Danareksa (Persero)

PT Saraswanti Anugerah Makmur Tbk

PT Dana Brata Luhur

Work highlights

  • 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.

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.

Practice head(s):

Maria Sagrado

Key clients

PT Lestari Banten Energi

PT Ciptadana Capital

Lucent Block Co. Ltd

Dominus Asset Management

DZ Bank AG

PT Bank Mandiri (Persero) Tbk

Work highlights

  • 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.

Practice head(s):

Rambun Tjajo; Melissa Butarbutar

Work highlights

  • 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.