$2 Billion Philippine Sovereign Debt Offering and Tender Offer

January 20, 2015

Cleary Gottlieb represented the joint bookrunners, Citi, Credit Suisse, Deutsche Bank, Goldman Sachs, HSBC, J.P. Morgan, Morgan Stanley, Standard Chartered Bank and UBS, in an SEC-registered offering by the Republic of the Philippines of $2 billion of 3.95% Global Bonds due 2040. Cleary also represented the joint dealer managers, Deutsche Bank and HSBC, in the concurrent accelerated tender offer for 15 series of the Philippines’ outstanding U.S. dollar-denominated bonds maturing between 2016 and 2034. The transactions closed on January 20 and the bonds were listed on the Luxembourg Stock Exchange. The new bond offering was a take-down from the Philippines’ shelf registration statement under Schedule B.

The tender offer is part of a broader liability management program by the Philippines aimed at reducing the percentage of its overall liabilities that is denominated in foreign currencies, extending maturities and reducing costs.