Linklaters advises on two significant sovereign bond issuances in Southeast Asia

Linklaters recently advised on two significant sovereign bond issuances in Southeast Asia, underscoring the firm’s capability in navigating complex legal structures and regulations and its commitment to providing comprehensive solutions that align with clients’ financing needs. These transactions included:

• Advising the joint lead managers and joint bookrunners on the issuance by Khazanah Nasional Berhad (Khazanah), the sovereign wealth fund of the Government of Malaysia, comprising:
  • US$500m 4.484% sukuk due 2029 under the US$5bn Multicurrency Sukuk Issuance Programme by Khazanah Global Sukuk Berhad, with recourse to Khazanah; and
  • US$500m 4.759% notes due 2034 under the US$10bn Euro Medium Term Note Programme by Khazanah Capital Ltd. and guaranteed by Khazanah.
• Acting as special US counsel to the Republic of the Philippines (ROP) on its 18-K filing and subsequent takedown of:
  • US$1bn 5.25% Global Bonds due 2034; and
  • US$1bn 5.60% Global Bonds due 2049 from its US SEC registered shelf, the net proceeds of which are to be used in eligible projects under ROP’s Sustainable Finance Framework.

The lead partners on these transactions were Linklaters’ Head of South and Southeast Asia Capital Markets Amit Singh and Singapore Managing Partner Jonathan Horan, supported by capital markets counsel Phill Hall and Xunming Lim, managing associates Adilya Taktashova and Daryl Bryan Chee, senior US associate Grace Yumul-Villanueva and associate Zi Liang Tan.

Linklaters has built a prominent reputation in the Asia capital markets, providing clients with practical expertise and commercial insight to capitalise on opportunities. With one of the largest teams focused on Southeast Asia, the firm has worked on numerous high-profile and landmark sovereign debt issuances including the world’s first sovereign sustainability sukuk by the Government of Malaysia and the ROP’s previous bond offering and first ever sukuk issuance.