A&O Shearman has advised the Republic of Indonesia (the Republic) in connection with its debut issuance of RMB6 billion (USD842.34m) in aggregate of offshore RMB-denominated (dim sum) bonds. The issuance comprised CNY3.5bn of 2.5% bonds due 2030 and CNY2.5bn of 2.9% bonds due 2035.
This exceptional SEC-registered structure for a dim sum bond, listed on the Singapore Exchange, broadens access to U.S. investors while tapping into RMB-denominated liquidity.
This landmark transaction marks the Republic's first entry into the dim sum bond market, representing a significant milestone in diversifying state budget financing and expanding its global investor base, according to an official statement from the Ministry of Finance. As the first sovereign issuer in nearly a decade to access the offshore yuan market—following Mongolia in 2015 and Hungary in 2016—this issuance underscores Indonesia's strategic efforts to tap new markets and secure stable funding amid volatile global conditions, building on prior 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.
The offering was conducted on October 23, 2025, with settlement on October 31, 2025. A&O Shearman has advised the Republic of Indonesia on its cross-border financings for over two decades, including multiple landmark bond offerings across various currencies and markets.
The A&O Shearman team was led by partners Felipe Duque and Harun Reksodiputro, with support from counsel Julie Song and associates Sean Cao and Darian Amarta.