Linklaters advises on the Lao People’s Democratic Republic’s US$500m sovereign bond issuance

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Aditi Raisurana
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aditi.raisurana@linklaters.com

Linklaters has advised the joint lead managers on the successful issuance by the Lao People’s Democratic Republic (Lao PDR) of US$500m 9.625% senior unsecured notes due 2032. The notes were offered under Rule 144A and Regulation S and are listed on the Hong Kong Stock Exchange.

The transaction marks the Lao PDR’s second international US-dollar bond offering following its return to the market with a US$300m sovereign bond issuance in November 2025, on which Linklaters also advised. The notes feature an amortisation structure, with 50% of the principal scheduled to be repaid one year before maturity and the balance at maturity.

The Linklaters team was led by partner and Head of South and Southeast Asia Capital Markets Amit Singh and capital markets partner Xunming Lim, with support from Alwyn Loy, Edward Lee and Ailsa Inglis.

Amit Singh, partner and Head of South and Southeast Asia Capital Markets at Linklaters, commented:
 

“Completing a second international bond offering in less than a year marks an important step in the Lao PDR’s continued engagement with global investors. The tighter pricing achieved on this transaction, together with the recent successful issuance by EDL-Generation, reflects the growing track record of Lao issuers accessing the international debt capital markets. We are pleased to have once again brought our cross-border sovereign debt experience to the transaction. Congratulations to the Lao PDR and everyone involved.”

With more than 50 years of on-the-ground experience in Asia, Linklaters has one of the largest teams focused on Southeast Asia and has advised on many of the region’s most high-profile and significant transactions.