Linklaters advises on the first Southeast Asian sovereign bond issuances in 2026

Linklaters has advised the underwriters on two major sovereign bond issuances in Southeast Asia comprising the Republic of Indonesia’s (ROI) USD2.7bn bond offering and the Republic of the Philippines’ (ROP) USD2.75bn bond offering, highlighting the continuing demand for Southeast Asian sovereign credit and reflecting growing global investor engagement with the region.

These transactions mark the first two issuances by Asian sovereigns in 2026 and contribute to a marked increase in emerging market issuances amid record global debt activity.

• The ROI transaction utilised its SEC shelf programme, with the proceeds intended to support the state’s fiscal requirements and ongoing development initiatives.
• The ROP issuance involved a multi tranche offering under its existing SEC registered shelf, with proceeds earmarked for general purposes including budgetary support. The successful issuance affirms the Republic’s continued resilience and capacity to navigate a complex global macroeconomic landscape and evolving geopolitical dynamics.

 

The Linklaters team was led by partner and Head of South and Southeast Asia Capital Markets, Amit Singh, supported by counsel Xunming Lim and associates Alex Cui and Calvin Cheng.

Linklaters Head of South and Southeast Asia Capital Markets Amit Singh said:

 

“We are pleased to have supported the underwriters on these significant sovereign issuances, which demonstrate the depth and resilience of capital markets in Southeast Asia. These deals underscoring the firm’s market leading capability in navigating complex legal and regulatory frameworks across the region and reflect our team’s commitment to delivering seamless execution and sound advice to our clients.”

 

Linklaters has built a leading reputation in the Asia capital markets, providing clients with practical expertise and commercial insight to capitalise on opportunities. With one of the largest teams focused on Southeast Asia, the firm has worked on numerous high-profile capital markets offering which include the full range of capital markets products including landmark sovereign debt issuances including the world’s first sovereign sustainability sukuk by the Government of Malaysia and previous bond offerings by the Republic of Indonesia and the Republic of the Philippines, as well as the most prominent high yield debt issuances from the region. The team additionally advises on some of the most prominent equity capital markets transactions across Asia Pacific.