Linklaters has advised the managers on Japfa Pte. Ltd. (JAPFA)’s debut US$300m 5-year senior secured high yield bond issuance at a coupon rate of 7.95%. The offering was well received by investors with an orderbook of over US$1.35bn, a 4.5x oversubscription.
The transaction marks a notable debut high yield issuance for a Singapore-based issuer with a substantial operating footprint in Indonesia and across the region, representing the first debut high yield bond from Singapore since 2018, as well as the first debut high yield bond deal across ASEAN since July 2024.
Headquartered in Singapore, JAPFA is a leading pan-Asian industrialised agri-food company dedicated to providing affordable and nutritious protein staples – poultry, swine and aquaculture – and packaged foods. The company operates an integrated network of modern farming, processing and distribution facilities across Indonesia, Vietnam, India, Myanmar and Bangladesh, producing cost-effective protein staples that sustain millions of people across emerging markets in Asia.
The Linklaters team was led by partner and Head of South and Southeast Asia Capital Markets Amit Singh and capital markets partner Michele Discepola, with support from counsel Magdalena Biereder.
With more than 50 years of on-the-ground experience in Asia, Linklaters has a market-leading reputation in the region’s capital markets, providing clients with practical expertise and commercial insights to capitalise on opportunities. The firm has one of the largest teams focussed on Southeast Asia and has advised on many of the region’s most high-profile and landmark transactions.
