The landmark Laos bond issuance, a $300 million international offering, marks the first time a corporate entity from the country has tapped U.S. dollar markets.
Structure and terms of the offering
The notes carry an 11.125% coupon and mature in 2031. They were issued under Rule 144A and Regulation S of the U.S. Securities Act, allowing sales to qualified investors in the United States and abroad.
Listing took place on the Singapore Exchange Securities Trading platform (SGX‑ST), giving the securities a regional trading venue.
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Legal advisers and regulatory coordination
U.S. law firm Sidley Austin served as international counsel for JP Morgan, handling English and U.S. federal securities law matters. Partner Alexius Chong and senior counsel Alan Grinceri led the team, which also included partners David Howe, Prabhat Mehta, Robert Kreitman and Steve Quinn.
Sidley’s team “provided U.S. securities law advice and conducted due diligence in relation to applicable regulatory and compliance matters so the notes could be offered within the United States to institutional investors and to investors outside the United States,” Chong told a legal journal.
The firm also advised on sanctions, anti‑corruption and anti‑money‑laundering rules, coordinating with local counsel to satisfy requirements of the Lao Securities Commission Office. The paperwork felt like a maze of rubber stamps, but the coordinated effort cleared the path.
British firm Linklaters represented the issuer, the company, through a team headed by South and Southeast Asia capital markets head Amit Singh and partner Xunming Lim. Associates Alex Cui and Anushri Maskara provided additional support.
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Both firms emphasized that the deal sets a precedent for other companies in the jurisdiction seeking similar financing. While the immediate impact is financial, the broader implication could be a shift in how Lao corporates approach capital markets.
The transaction also required compliance with Lao regulations.
The firm, listed on the Lao Securities Exchange, is the power generation arm of Électricité du Laos, a utility wholly owned by the Ministry of Finance. Its portfolio includes several hydropower dams and emerging solar farms.
