Global law firm Norton Rose Fulbright has advised Abu Dhabi Islamic Bank PJSC, Citigroup, CIMB, Dubai Islamic Bank PJSC and HSBC, acting as joint lead managers and joint bookrunners, in the world’s first sovereign green Sukuk issuance. The Sukuk was issued by the Republic of Indonesia.
The 5-year, US$1.25 billion green Wakala Sukuk issuance also marks the first green bond from Indonesia and is the Republic’s first issuance under its recently established Green Bond and Green Sukuk Framework. CICERO provided the independent second opinion as to the Sukuk’s green credentials.
The Republic intends to use the proceeds exclusively to finance or re-finance expenditure directly related to eligible green projects, including renewable energy, sustainable transport, waste management, climate-related projects and green buildings.
Alongside the 5-year green Sukuk, Norton Rose Fulbright also acted for the joint lead managers and joint bookrunners in the Republic’s 10-year US$1.75 billion Wakala Sukuk issuance.
Vicky Münzer-Jones, capital markets partner, comments:
“This was a groundbreaking deal, not only for Asia, but globally, and we are delighted to have been a part of it. The deal enabled us to bring together our debt capital markets, Islamic finance and green bond experience which was delivered seamlessly by our cross jurisdictional team.”
Gregory Man, capital markets partner, comments:
“We are very pleased to have been able to assist our clients with yet another market leading transaction. The ethical principles of Islamic finance and the socially responsible approach of the green Sukuk framework have been brought together in a harmonious manner and we hope that the strong investor demand that was seen for this product will lead to more green Sukuk issuances in the future.”
The Norton Rose Fulbright team was led by partner, Vicky Münzer-Jones, in Singapore, with assistance from of counsel Cynthia Teo, and supported by partners Gregory Man (Dubai) and David Johnson (Hong Kong), of counsel Shauaib Mizra, senior associate Ganna Vlasenko and US associate Grace Lo.
Norton Rose Fulbright’s leading debt capital markets team has advised on a number of green bond issuances, including recently advising MASEN on the first green bond in Morocco and GuarantCo on its first international guaranteed green bond.
For further information please contact:
Meeta Campanaro, Senior Public Relations Manager
Tel: +44 (0)20 7444 3097; Mob: +44 (0)7595886276
Notes for editors:
Norton Rose Fulbright
Norton Rose Fulbright is a global law firm providing the world’s preeminent corporations and financial institutions with a full business law service. The firm has more than 4,000 lawyers and other legal staff based in Europe, the United States, Canada, Latin America, Asia, Australia, the Middle East and Africa.
Recognized for its industry focus, Norton Rose Fulbright is strong across all the key industry sectors: financial institutions; energy; infrastructure, mining and commodities; transport; technology and innovation; and life sciences and healthcare. Through its global risk advisory group, the firm leverages its industry experience with its knowledge of legal, regulatory, compliance and governance issues to provide clients with practical solutions to the legal and regulatory risks facing their businesses.
Norton Rose Fulbright operates in accordance with its global business principles of quality, unity and integrity, aiming to provide the highest possible standard of legal service in each of its offices and to maintain that level of quality at every point of contact.
Norton Rose Fulbright Verein, a Swiss verein, helps coordinate the activities of Norton Rose Fulbright members but does not itself provide legal services to clients. Norton Rose Fulbright has offices in more than 50 cities worldwide, including London, Houston, New York, Toronto, Mexico City, Hong Kong, Sydney and Johannesburg. For more information, see nortonrosefulbright.com/legal-notices.