Philippines’ $2.25 Billion Offering and Inaugural Sustainability Bond Issuance

March 29, 2022

Cleary Gottlieb represented the joint bookrunners, Bank of China, Citigroup, Credit Suisse, Deutsche Bank, Goldman Sachs, Mizuho, Morgan Stanley, Standard Chartered Bank, and UBS, in an SEC-registered triple-tranche offering by the Republic of the Philippines (Philippines) of $1 billion 25-year sustainability bonds and $500 million five-year and $750 million 10.5-year dollar-denominated bonds.

The offering is the Philippines’ inaugural sustainability bond issuance, allowing it to tap the global ESG investor base and boost the development of the sustainable financing market in the Philippines. Proceeds from the issuance will be used for the Philippines’ general purposes, including for budgetary support. The Philippine also intends to invest an amount equal to the net proceeds from the sale of the 25-year sustainable bonds to finance projects that qualify as eligible expenditures under the Philippines’ sustainable finance framework.

The offering closed on March 29, 2022. The bonds are listed on the Luxembourg Stock Exchange.