Global law firm Linklaters has advised the joint lead managers on Bank Mandiri’s inaugural issuance of USD750 million in Additional Tier 1 perpetual non-cumulative capital securities.
The Linklaters team was led by Amit Singh, head of South and Southeast Asia capital markets, and capital markets partner Xunming Lim. Managing associate Calvin Cheng and associate Putri Meisita Kusuma also advised on the matter.
The law firm did not dislcose the names of the joint lead managers.
The Indonesian bank issued the securities under regulation S of the US Securities Act of 1933, with the instruments listed on the Singapore Exchange Securities Trading. Bank Mandiri intends to use the proceeds to bolster its capital structure.
This is Bank Mandiri’s first offering of Additional Tier 1 capital securities, making it only the second Indonesian bank to issue such instruments internationally. These securities are high-yielding, hybrid bank capital instruments with no maturity date that absorb losses during financial distress.
