Firms To Watch: Capital markets

Nasoetion & Atyanto's capital markets and securities team is led by Genio Atyanto who advises on debt issuance matters, and counts PT Enseval Putera Megatrading, PT Ulima Nitra and PT Eagle High Plantations as his new clients.

Capital markets in Indonesia

ABNR Counsellors at Law

ABNR Counsellors at Law advises clients in the capital markets space on domestic and offshore debt and equity offerings. The practice advises issuers and arrangers/underwriters on IPOs and secondary offerings, private placements, and medium- and long-term debt offerings. Sovereign bond issuances is another area of focus. Practice head Chandrawati Dewi specialises in offshore debt and equity capital markets transactions and represents local and multinational corporates. Rita T Taufik is another key individual to note and advises on both onshore and offshore debt and equity offerings for clients in the financial services, manufacturing, consumer goods, oil and gas sectors.

Practice head(s):

Chandrawati Dewi

Other key lawyers:

Rita T Taufik

Key clients

Kereta Api Indonesia

PT Pertamina (Persero)

Government of Indonesia

PT Bayan Resources Tbk

PT Bank Artha Graha Internasional Indonesia

Deutsche Bank

Morgan Stanley

PT Kencana Energi Lestari Tbk

PT Bank IBK Indonesia Tbk

Indonesia Infrastructure Finance (IIF)

PT Bank China Construction Bank Indonesia Tbk

Assegaf Hamzah & Partners

Assegaf Hamzah & Partners has a full-service capital markets offering and advises underwriters, financial institutions, and investment banks on both public and private debt and equity offerings. The team has substantial experience structuring and implementing a broad range of Shariah-compliant investment and financing transactions. The practice is led by Putu Suryastuti who advises on IPOs, secondary offerings, private placements, and debt offerings. Managing partner Bono Daru Adji  and Mohammad Renaldi Zulkarnain are also noted, as well as Intan Paramita who advises clients in the energy, petrochemical, rubber, oil and gas, telecommunications, and agriculture sectors.

Practice head(s):

Putu Suryastuti

Other key lawyers:

Bono Daru Adji; Mohammad Renaldi Zulkarnain; Intan Paramita; Ahmad Fikri Assegaf; Astrid Widyakartika; Tunggul Purusa Utomo

Testimonials

One of the most well-known capital markets team in Indonesia, having extensive knowledge and experience with regard to regulation and past transactions. They are also respected by the regulator, which eases communication and coordination with them.’

Bono Daru Adji, is well respected in the field, has extensive knowledge and experience, and is a true deal maker.’

Intan paramita is adept with the capital market regulator, quick response, easy to communicate, and detail-oriented.’

Diversity of partners (both gender and age group). Partners are equipped with technology to enable better working collaboration with client.’

Willing to go extra miles and find a solution that has no precedent within the risk appetite of the client.’

The team is really a strong one, they have good knowledge on the field. They can give good advice and can also help on the negotiation to ensure the benefit of the client. In terms of collaboration, they can come up with ideas that are out of the box to make sure the deal can be completed.’

Tunggul Purusa Utomo: As a result of his vast knowledge and stellar experience and track record in the capital markets sector along with his ability to explain well and in-depth comprehension in both legal theory and practices, he has successfully managed to navigate us going through various capital market issues that are complex to be solved. Overall, we can attest for him being a well rounded M&A and capital market lawyer.’

Intan Paramita is responsive and reliable. In addition, she strives to please her client by being as helpful and hard-working as possible whenever she is assisting her client in a project. In essence, she is a joy to work with.’

Tunggul Purusa Utomo is a very engaged partner who has always been readily available to discuss all of our queries during the duration of the project. His knowledge in the field of capital markets and his advice provided valuable insights for the company.’

Key clients

The Government of the Republic of Indonesia

PT Hutama Karya (Persero)

PT Medco Energi Internasional Tbk.

PT Medco Power Indonesia

PT Pelabuhan Indonesia III (Persero)

PT Bank Mandiri (Persero) Tbk

PT Bank Jago Tbk

PT Bank China Construction Bank Indonesia Tbk

PT Bank Tabungan Pensiunan Nasional Syariah Tbk.

PT Chandra Asri Petrochemical Tbk.

PT Barito Pacific Tbk.

PT Merdeka Copper Gold Tbk

PT XL Axiata Tbk.

PT DCI Indonesia Tbk.

PT Indointernet Indonesia Tbk.

PT Sarimelati Kencana Tbk.

PT Semen Indonesia (Persero) Tbk

PT Alam Sutera Realty Tbk

PT Urban Jakarta Propertindo Tbk.

PT Saratoga Investama Sedaya Tbk

PT Indika Energy Tbk.

PT Sri Rejeki Isman Tbk.

PT Indonesia Infrastructure Finance

PT Sarana Multi Infrastruktur

Work highlights

  • Advised PT Soho Global Health Tbk. on its IPO process with a set offering price of IDR 1,820 per share.
  • Advised Star Energy Geothermal Salak Ltd. and Star Energy Geothermal Darajat II Ltd. on the issuance of dual tranche senior green project bonds worth $1.11bn.
  • Acted as legal counsel on the issuance of the Wakala Sukuk.

Ginting & Reksodiputro in association with Allen & Overy

Ginting & Reksodiputro in association with Allen & Overy has a broad equity and debt capital markets offering with a strong client base that includes some of the leading SOE companies and financial institutions. The practice has significant cross-border expertise and displays this when advising clients on global bond issuances. The team has been particularly active in the mining sector and has been involved in several IPOs. Harun Reksodiputro has extensive expertise in advising on debt and equity securities and M&A transactions. Daniel Ginting is also well-regarded and displays deep expertise in handling high profile IPOs.

Other key lawyers:

Andrew Mohammad

Key clients

The Republic of Indonesia

PT Pertamina (Persero)

PT Bank Mandiri (Persero) Tbk

PT Hutama Karya (Persero)

PT Bank Negara Indonesia (Persero) Tbk

PT Garuda Indonesia (Persero)

PT Bukit Makmur Mandiri Utama

PT Dharma Satya Nusantara

Work highlights

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

    Hadiputranto, Hadinoto & Partners, a member firm of Baker McKenzie has a broad capital markets offering that covers domestic and international public offerings, as well as regulatory and compliance. The team advises a variety of local and international clients and assists both issuers and underwriters. Key areas of work include IPOs, rights issues, and tender offers. practice head Iqbal Darmawan has expertise advising on sukuk offering, bond issuance, M&A transactions and regulatory issues.

    Practice head(s):

    Iqbal Darmawan

    Testimonials

    ‘HHP as a Law Firm is very well known in the Capital Market Industry, as a Tier I Law Firm , although the fee is not cheap, but in most cases, in term of value of money their fees is still worthy. ’

    Iqbal Darmawan and his team are very knowledgeable on the capital markets, very responsive, very innovative with the bright idea.’

    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

    PT Indofood CBP Sukses Makmur Tbk

    PT Pan Brothers Tbk

    Mizuho Securities Pte. Ltd.

    SMBC Nikko Capital Markets Limited

    DBS Bank Ltd.

    Mandiri Securities Pte. Ltd.

    Natixis Singapore Branch

    Oversea-Chinese Banking Corporation Limited

    Work highlights

    • Advised PT Indofood CBP Sukses Makmur Tbk’s on its strategic acquisition of Pinehill Company Limited, for close to $3bn.
    • Acted as the counsel of the Ministry of Finance of Republic of Indonesia and PPSI-III on the issuance of $3bn sukuk offering which is divided into three trenches, each of which is under the Trust Certificate Issuance Program.
    • Advised PT Jasa Marga (Persero) Tbk as its counsel on the issuance of the IDR 2 trillion as the first tranche from shelf registration bonds program.

    Hiswara Bunjamin & Tandjung in association with Herbert Smith Fr

    Hiswara Bunjamin & Tandjung in association with Herbert Smith Freehills displays strong cross-border capabilities and advises foreign arrangers and underwriters on both onshore and offshore capital markets work and public M&A. The practice handles both equity capital markets, which covers Regulation S or Rule 144A of the US Securities Act and public M&A work, as well as debt capital markets where clients receive advice on cross-border international bond offerings. Founding partner Tjahjadi Bunjamin has extensive capital markets experience and leads the debt capital markets transactions. The equity capital markets team is led by Viska Kharisma Fajarwati, who has in-depth sector expertise across the banking, fintech and manufacturing sectors. David Dawborn is another key individual to note and frequently advises on structuring cross-border securities transactions.

    Practice head(s):

    David Dawborn; Tjahjadi Bunjamin; Viska Kharisma Fajarwati

    Key clients

    BNP Paribas

    CIMB Niaga Sekuritas

    CLSA Sekuritas Indonesia

    Credit Suisse

    Deutsche Bank

    Goldman Sachs

    HSBC

    Mandiri Sekuritas

    Morgan Stanley

    OCBC

    Standard Chartered Bank

    Work highlights

    • Acted for Citigroup Global Markets Inc., Mandiri Securities Pte. Ltd., HSBC and Standard Chartered Bank in the issuance of $1.5bn in bonds by PT Perusahaan Listrik Negara (Persero) under Regulation S and Rule 144A of the US Securities Law.
    • Acted for KB Kookmin Bank in its acquisition of PT Bank Bukopin Tbk through a series of change of control transactions via a rights issue and private placement.
    • Advised PT Smartfren Telecom Tbk on its fourth domestic rights issue, and related warrant issue, on the Indonesian Stock Exchange.

    Makes & Partners

    Makes & Partners advises on a wide variety of domestic and international capital markets mandates and recently has strengthened its disputes offering through a strategic alliance with Lubis, Santosa & Maramis. The practice covers both debt and equity capital markets; key areas of work include advising on IPOs, issues concerning Rule 144A and Regulation S, as well as Islamic finance. Corporate specialist Iwan Setiawan is highly recommended, as is Bernardus Billy who specialises in international equity and debt capital market offerings, re-IPOs and global bond transactions. Changes in the team include the arrival of Antonius Setianto who joined from TR & Rekan in 2021.

    Practice head(s):

    Iwan Setiawan; Bernardus Billy

    Other key lawyers:

    Antonius Setianto

    Testimonials

    ‘The team has a very youthful spirit, dynamic, helpful, and very efficient in delivery their legal advise and works output. ’

    ‘Iwan Setiawan, Billy, Tsania and Ika, are excellent in communicating legal matters and possess a good legal knowledge.’

    Makes & Partners has a long and well-known reputation in the Indonesian Capital Markets. They have a deep knowledge not only on the regulation of the capital markets but also the rationale behind it. This is an advantage for the client to get a deep understanding of the regulation and to apply it to the client’s need or transaction.’

    Key clients

    PT Sarana Menara Nusantara Tbk

    PT Soechi Lines Tbk

    PT Ciputra Development Tbk

    PT Bentoel Internasional Investama Tbk.

    PT Golden Energy Mines Tbk

    PT Bali Towerindo Sentra Tbk

    PT Ciputra Development Tbk.

    PT Profesional Telekomunikasi Indonesia

    PT FKS Food Sejahtera Tbk

    PT Agung Podomoro Land Tbk.

    PT Mora Telematika Indonesia Tbk.

    PT Aneka Gas Industri Tbk.

    PT Integra Indocabinet Tbk.

    PT Pembangunan Jaya Ancol Tbk

    Work highlights

    • Advised Lippo Mall Indonesia Retail Trust on the issuance of $200m principal amount of 7.5% guaranteed senior notes due in 2026.
    • Acted for PT Soechi Lines Tbk on the issuance of notes by Soechi Capital Pte. Ltd., a company incorporated in the Republic of Singapore and wholly owned by PT Soechi Lines Tbk.
    • Handled the issuance of SGD150m 4.85% notes due 2021 by PT Ciputra Development Tbk.

    Soemadipradja & Taher

    Soemadipradja & Taher has an active capital markets team that advises on IPOs, rights issuance, bonds and warrants for a broad range of clients that includes the Financial Services Authority, Bank Indonesia, the Ministry of Finance and the Indonesia Stock Exchange. Emalia Achmadi has a broad range of capital markets expertise and focuses on IPOs, bond offerings and debt securities. Denia Isetianti Permata‘s expertise covers bond issuance and issuance of dual-currency government debt securities. Corporate and M&A specialist Retno Muljosantoso is also noted and has expertise in mutual funds and the issuance of sovereign sukuk.

    Practice head(s):

    Retno A. D. Muljosantoso; Emalia Achmadi; Denia Isetianti Permata; Robert Reid; Oene J. Marseille

    Key clients

    GIC Private Limited

    Work highlights

      Widyawan & Partners

      Widyawan & Partners‘ capital markets team advises clients on high yield debt, medium-term note programmes and liability management and restructurings. The team is led by Adrian Pranata who advises a broad range of domestic and international underwriters, arrangers and issuers. Key changes in the team include the departure of managing associate Randy Irawan in April 2021.

      Practice head(s):

      Adrian Pranata

      Key clients

      DBS Bank

      Citigroup

      HSBC

      Mandiri Securities

      Standard Chartered Bank

      PT Alam Sutera Realty Tbk

      BNP Paribas

      Maybank

      Nickel Mines Limited

      Credit Suisse

      Merrill Lynch

      Work highlights

      • Advised PT Alam Sutera Realty Tbk., as the issuer on the exchange offer of guaranteed 11.5% senior notes due 2021.
      • Advised DBS Bank Ltd. on the tap issuance of SGD$25m 6% Notes due 2026 by PT Ciputra Development Tbk under its SGD$400m multicurrency medium-term note programme as well as update and upsize of the programme.
      • Advised the international underwriters on the issuance of $450m 8.25% senior notes, alongside a tap issuance of $225m 8.25% senior notes, both due 2025, by Indika Energy Capital IV Pte.Ltd

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

      Witara Cakra Advocates (WCA) in exclusive association with White & Case LLP Indonesia advises a range of leading financial institutions and corporates on IPOs, rights issues, notes offering, and regulatory issues. Practice head Kristo Molina has extensive experience advising issuers and underwriters on international capital markets offerings, while Fajar Ramadhan specialises in international bond offerings, debt financings and restructuring.

      Practice head(s):

      Kristo Molina

      Other key lawyers:

      Fajar Ramadhan

      Key clients

      BNP Paribas

      CIMB Investment Bank Berhad

      Citigroup

      CLSA Limited

      Credit Suisse

      Deutsche Bank

      Nomura Singapore Limited

      PT BNI Sekuritas

      PT BRI Danareksa Sekuritas

      PT Mandiri Sekuritas

      Work highlights

      • Advised Deutsche Bank, BNP Paribas, Credit Suisse, CIMB Investment Bank Berhad and Shanghai Pudong Development Bank Co., Ltd. on LMIRT Capital Pte. Ltd.’s Regulation S offering of $200m 7.500% guaranteed senior notes due 2026.
      • Advising the underwriters on the IPO of PT Archi Indonesia Tbk, an Indonesian gold mining company, including a Rule 144A/Regulation S offshore tranche.
      • Advising Citigroup Global Markets Singapore Pte. Ltd., CLSA Singapore Pte Ltd, Mandiri Securities Pte. Ltd. on Golden Energy and Resources Limited’s issuance of $285m aggregate principal amount of 8.5% senior secured notes due 2026.

      Hanafiah Ponggawa & Partners

      Hanafiah Ponggawa & Partners showcases in-depth expertise in its debt capital markets offering, which covers bonds, medium-term notes, project bonds and infrastructure bonds. The team also advises on securitisation, tender offers, employee stock ownership plans and derivative products. Erwin Kurnia Winenda is recommended for offshore IPOs and bond offerings.

      Practice head(s):

      Erwin Kurnia Winenda; Fabiola Hutagalung; Andre Rahadian

      Key clients

      PT Panca Mitra Multiperdana Tbk

      CLSA Capital Partners (HK) Limited and Lion Asia III (RB) Limited

      Work highlights

      • Advised PT Panca Mitra Multiperdana Tbk on its IPO and listing on the Indonesia Exchange.
      • Assisted CLSA Capital Partners (HK) Limited and Lion Asia III (RB) Limited with bond issuance matters.

      Makarim & Taira S.

      Makarim & Taira S. advises issuers, underwriters, financial institutions, and investment banks on both private and public offerings. Frederick Simanjuntak leads the team and has a strong cross-border finance practice. Vincent Ariesta Lie and Maria Sagrado are also noted.

      Practice head(s):

      Frederick Simanjuntak

      Other key lawyers:

      Maria Sagrado; Vincent Ariesta Lie

      Key clients

      PT Mega Manunggal Property TBK.

      Work highlights

      • Advised PT Mega Manunggal Property TBK. as the borrower against Credit Suisse for $32.7m loan in value.

      Tjajo & Partners

      Tjajo & Partners has an experienced capital markets practice that covers debt and equity offerings, M&A, joint ventures, corporate restructuring and reorganisation. Founding partner Rambun Tjajo has significant experience advising corporations, underwriters, private equity firms, and investment banks on the full range of capital markets work. Melissa Butarbutar is also recommended, as is Ken Prasadtyo who joined from Hadiputranto, Hadinoto & Partners, a member firm of Baker McKenzie in January 2022.

      Practice head(s):

      Rambun Tjajo; Melissa Butarbutar

      Other key lawyers:

      Ken Prasadtyo

      Testimonials

      ‘I strongly recommend T&P as the Indonesian leading law firm to work with. The have an extensive experience in representing various corporations, underwriters, banks in all aspects of capital market transactions.’

      Key clients

      PT Solusi Bangun Indonesia Tbk

      PT Sarana Meditama Metropolitan Tbk

      PT Energi Mega Persada Tbk

      PT Waskita Karya Realty

      PT Waskita Fim Perkasa

      Oriflame Investment Holding Plc

      PT Central Proteina Prima Tbk

      PT Bank Negara Indonesia (Persero) Tbk

      PT Atlas Resources Tbk

      PT Apexindo Pratama Duta Tbk

      Bomba Group

      PT Semen Indonesia (Persero) Tbk

      PT Indika Energy Tbk

      Work highlights

      • Advised PT Sarana Meditama Metropolitan, Tbk on its recent rights issue transaction.
      • Assisted PT Energi Mega Persada, Tbk with its recent rights issue transaction.
      • Advised PT Apexindo Pratama Duta on the issuance of dual tranche of MCB which was part of a restructuring transaction with the value amounting to $115m (Tranche 1) and $70.84m (Tranche 2).