A&O Shearman Advises the Republic of Indonesia on Debut Dim Sum Bond Issuance

A&O Shearman, in association with Ginting & Reksodiputro, advised the Republic of Indonesia on its debut offshore RMB (dim sum) bond issuance. The Republic issued RMB6 billion (approximately USD842.34 million) in aggregate offshore RMB-denominated bonds, comprising CNY3.5 billion of 2.5% bonds due 2030 and CNY2.5 billion of 2.9% bonds due 2035. The offering was conducted on 23 October 2025 with settlement on 31 October 2025. The issuance used an exceptional SEC-registered structure and was listed on the Singapore Exchange, broadening access to U.S. investors while tapping into offshore RMB liquidity. The transaction represents the Republic’s first entry into the dim sum bond market and marks a significant step in diversifying state budget financing and expanding its global investor base. As the first sovereign issuer in nearly a decade to access the offshore yuan market—following Mongolia in 2015 and Hungary in 2016—the offering builds on prior funding diversifications, including samurai and kangaroo bonds. Proceeds will be used to finance the state budget in line with the government’s prudent debt management strategy. A&O Shearman, in association with Ginting & Reksodiputro, represented the Republic of Indonesia with a team composed by: Felipe Duque, Partner (Singapore); Harun Reksodiputro, Partner (Ginting & Reksodiputro, Jakarta, in association with A&O Shearman); Julie Song, Counsel (Singapore); Sean Cao, Associate (Singapore); and Darian Amarta, Associate.

A&O Shearman Advises the Republic of Indonesia on Debut Dim Sum Bond Issuance

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