Allens, and its alliance partner firm Linklaters, have advised the dealers on the establishment of the Australian dollar debt issuance programme for the Republic of Indonesia (ROI) and the ROI's inaugural A$800 million dual-tranche issuance under its programme.
The debut Kangaroo bond offering comprises two series: A$500m 4.400% fixed-rate notes due 2030 and A$300m 5.300% fixed-rate notes due 2035. The issuance saw strong demand from global investors, including Australian investors, reaching a total order book of approximately A$8bn.
Allens is a leading firm in assisting new entrants to issue Kangaroo bonds, being bonds issued by offshore entities into the Australian capital markets. This landmark transaction marks the ROI's debut in the Kangaroo bond market, making it one of a select group of sovereigns to price a Kangaroo bond deal.
'We are thrilled to have supported this landmark transaction, marking another milestone in the Australian dollar market. This successful issuance marks Indonesia's debut in the Australian dollar market and an important step in diversifying its funding sources and expanding its global investor base. We were able to draw on our deep expertise in the Australian debt market, including in the Kangaroo bond market, to help deliver a seamless and highly successful outcome for ROI and all involved,' said lead partner James Darcy.
The deal reflects growing interest in sovereign issuers accessing the Australian dollar market.
