Allen & Gledhill has advised DBS Group Holdings on the issue of its S$15 million (US$11m) 0.60 percent digital notes due 2021 on the DBS Digital Exchange. The digital notes, which are debt securities issued on the blockchain managed and operated by the DBS Group on the DBS Digital Exchange, is the first security token offering by the DBS Group and listed on the DBS Digital Exchange, and represents a new way of unlocking value for issuers and investors by allowing them to better diversify their debt instruments. It paves the way for other issuers and clients to utilise the infrastructure of DBS Digital Exchange to efficiently access capital markets for their funding needs, and establishes a precedent for further security token offering issuances and listing. Partners Margaret Chin, Fabian Tan, Jeanne Ong, Adrian Ang, Alexander Yap, Andrew Chan and Sunit Chhabra led the firm’s team in the transaction. Allen & Gledhill has also acted as transaction counsel to Bangkok Bank, acting through its Singapore Branch, on the S$250 million (US$186m) term loan facility to TCC Assets to finance the purchase of shares, pursuant to a rights issue exercise. Partner Kok Chee Wai led the firm’s team in the transaction. Ashurst has advised Pieroth Wein, a German winemaker and distributor, on the disposal of its Japanese subsidiary Pieroth Japan. Together with its subsidiaries, Pieroth is one of the world’s leading companies for the sale of exclusive wines, sparkling wines, champagnes and spirits to end consumers globally. Pieroth Japan was established in 1969, and it was the first foreign wine import company in Japan. In addition to the import business,...

Allen & Gledhill has advised Clifford Capital Holdings on the establishment of a US$500 million euro-commercial paper programme by Bayfront Infrastructure Management, under which Bayfront may issue notes. The Government of Singapore is the guarantor for the programme. Partners Yeo Wico, Jeanne Ong and Sunit Chhabra led the firm’s team in the transaction. Allen & Gledhill has also acted as transaction counsel to DBS Bank, Oversea-Chinese Banking Corporation and MUFG Bank, as the mandated lead arrangers, on the S$633.8 million (US$471m) term and revolving credit facilities to BPH Propco, a joint venture of OUE Commercial REIT and ACRE Angsana (an SPV managed by Allianz Real Estate Asia Pacific), to finance its acquisition of OUE Bayfront. Partners Lim Wei Ting and Ernest Teo led the firm’s team in the transaction. Assegaf Hamzah & Partners, a member firm of Rajah & Tann Asia, has acted as Indonesian counsel to the Republic of Indonesia on its issuance of Japanese yen-denominated bonds (samurai bonds) on May 27, 2021. Indonesia issued ¥100 billion (US$1b) samurai bonds in six series, ranging between three years to 20 years. Partner Mohammad Renaldi Zulkarnain led the firm’s team in the transaction. AZB & Partners is advising Dewan Housing Finance, the financial service provider undergoing corporate insolvency resolution process, and the Reserve Bank of India-appointed administrator of Dewal Housing Finance, on the Rs342.5 billion (US$4.6b) acquisition by Piramal Capital & Housing Finance of 100 percent shareholding in Dewal Housing Finance. Partners Bahram Vakil, Nilang Desai, Suharsh Sinha, Anindita Roy Chowdhury and Nanditha Gopal are leading the firm’s team in the transaction, which was signed on January 15, 2021 and is yet to be completed. AZB...

Allen & Gledhill has advised Sembcorp Industries (SCI) on the issue of the inaugural S$400 million (US$301.3m) 2.45 percent fixed rate green bonds due 2031 by Sembcorp Financial Services (SFS), under the S$3 billion (US$2.26b) multicurrency debt issuance programme established by SCI and SFS. This is the first green bond issuance by the Sembcorp group. With the completion of this offering, SFS will have successfully issued the first certified green bond under the Climate Bonds Standard by a Singapore-based energy company. Partners Bernie Lee and Sunit Chhabra led the firm’s team in the transaction. Allen & Gledhill has also advised Keppel Infrastructure Fund Management, as trustee-manager of Keppel Infrastructure Trust, on the issue of S$300 million (US$226m) 4.3 percent perpetual securities, under its S$2 billion (US$1.5b) multicurrency debt issuance programme. Partners Bernie Lee and Sunit Chhabra also led the firm’s team in the transaction. Assegaf Hamzah & Partners, a member firm of Rajah & Tann Asia, has acted as Indonesian counsel to Sarana Multi Infrastruktur (SMI), a special mission vehicle under Indonesia’s Ministry of Finance that is engaged in the financing and preparation of infrastructure projects. SMI issued its debut US-dollar bond offering of US$300 million five-year senior unsecured fixes rate notes, under its newly established US$2 billion euro medium term note programme. The notes were listed in Singapore on May 4, 2021. Partner Putu Suryastuti led the firm’s team in the transaction. AZB & Partners has advised Internet Fund V, a fund managed by Tiger Global Management, on the acquisition of equity stake, via Series A funding round, in Plum Benefits Technologies, which operates a technology platform that facilitates health...

Allen & Gledhill has advised Singapore Airlines (SIA) on the renounceable rights issue of mandatory convertible bonds to raise approximately S$6.2 billion (US$4.7b). Proceeds will be used to fund capital and operational expenditure requirements. DBS Bank was appointed sole lead manager for the rights issue. A separate team from the firm advised DBS Bank on the rights issue, which at the time of its launch, was Singapore’s largest rights issue in 2021. Partners Leonard Ching, Lim Mei, Hilary Low, Magdalene Leong and Sunit Chhabra led the firm’s team which advised SIA, while partners Tan Tze Gay and Wu Zhaoqi led the team which advised DBS Bank. Allen & Gledhill has also advised Mapletree North Asia Commercial Trust Management, as manager of Mapletree North Asia Commercial Trust (MNACT), on the issue of S$250 million (US$189m) perpetual securities by DBS Trustee, as trustee of MNACT, under the US$1.5 billion euro medium term securities programme by MNACT. Partner Glenn Foo led the firm’s team in the transaction. Allen & Gledhill has advised the Housing and Development Board on the issue of S$900 million (US$681m) fixed rate notes due 2031, under its S$32 billion (US$24.2b) multicurrency medium term note programme. Partners Margaret Chin, Fabian Tan and Sunit Chhabra led the firm’s team in the transaction. Allen & Gledhill has also advised Clifford Capital Holdings on the establishment of a US$500 million euro-commercial paper programme by Bayfront Infrastructure Management, under which Bayfront may issue notes. The Government of Singapore is the guarantor for the programme. Partners Yeo Wico, Jeanne Ong and Sunit Chhabra led the firm’s team in the transaction. Ashurst has acted for the founder of Kokido Development, a leading...

DEALS Allen & Gledhill has advised Ascendas Funds Management, as manager of Ascendas Real Estate Investment Trust (Ascendas REIT), on Ascendas REIT’s S$904.6 million (US$680.5m) acquisition of a portfolio of eleven data centres in Europe, comprising four data centres in the UK, three each in the Netherlands and France, and one data centre in Switzerland. Managing partner Jerry Koh and partner Foong Yuen Ping led the firm’s team in the transaction which marks Ascendas REIT’s first foray into the international data centre market. Allen & Gledhill has also advised Sequoia Capital India, as the lead investor, on the US$65 million Series D financing of Bibit, an Indonesian-based digital investment app with a robo-advisory feature. Julian Ho and Nicholas Soh, with Soemadipradja & Taher partner Emalia Achmadi, led the firm’s team in the transaction. Allen & Gledhill has advised GLP on the issue of US$850 million 4.5 percent green subordinated perpetual securities, under its US$5 billion euro medium term note programme. The issue represents the first offering of US dollar green subordinated perpetual securities by an Asia-Pacific corporate issuer, and is the largest US dollar green subordinated perpetual securities offering globally. Partners Bernie Lee and Sunit Chhabra led the firm’s team in the transaction. Allen & Gledhill has also acted as project counsel to The Association of Banks in Singapore, the Smart Nation and Digital Government Group and seven participating banks on the launch, in collaboration with the Monetary Authority of Singapore and the Ministry of Manpower, of the Singapore Financial Data Exchange (SGFinDex). The SGFinDex is the world’s first public digital infrastructure to use a national digital identity and...