Linklaters has advised Citigroup Global Markets Limited and The Hongkong and Shanghai Banking Corporation Limited, as arrangers and dealers, on PT Bank Negara Indonesia (Persero) Tbk (BNI)’s establishment of the US$2bn euro medium term note (EMTN) programme.

The EMTN programme was registered on the Singapore Stock Exchange, allowing the Indonesian state-owned bank to issue debt securities in stages, with a maximum principal of US$2bn.

The transaction was led by Linklaters’ capital markets partner, Jonathan Horan, with support from counsel Phillip Hall and managing associate Kenneth Teo, and Widyawan & Partners’ banking partner, Adrian Pranata, supported by managing associate Randy Irawan. A separate Linklaters team, led by partner Andrew Malcolm and counsel Mary Matson, acted for the trustee on this transaction.

Partner Jonathan Horan, commented:

“We recognise the significance of this debut EMTN programme establishment for BNI, with regards to expanding their business. We are honoured to have the opportunity to support Citigroup and HSBC on this important transaction through our formal association with Widyawan & Partners.”

Partner Adrian Pranata, commented:

“This strategic transaction contributes to the wider development of the international capital markets in Indonesia. We are proud to have supported our clients in the successful establishment of their EMTN programme, alongside Linklaters.”

Linklaters and Widyawan & Partners previously advised on the establishment of BNI’s US$1bn certificate of deposit programme, further demonstrating the formal association’s preeminent track record of  delivering seamless international and Indonesian law advice.