Allen & Overy has advised the Republic of Indonesia on its $3.25 billion sale of U.S. dollar-denominated Islamic bonds with 5-year and 10-year tenures, the country's biggest global sukuk issuance, with White & Case representing the arrangers and managers.

According to Reuters, the 5-year notes carry a coupon of 4.40 percent, while the 10-year notes have a 4.70 percent coupon, below the sovereign's initial price guidance.

It added that last year Indonesia sold $3 billion worth of Islamic bonds, but those bonds carried much lower coupons compared with notes with similar maturities offered on the most recent sale.

The Allen & Overy team was led by partners Aloysius Tan and Felipe Duque, while the White & Case team included partners Kaya Proudian and Debashis Dey.