Cleary Gottlieb represented the joint bookrunners, Citi, Credit Suisse, Standard Chartered Bank, and UBS, in a SEC-registered dual-tranche offering by the Republic of the Philippines (Philippines) of €600 million 0% global bonds due 2023 and €600 million 0.7% global bonds due 2029.
The offering closed on February 3, 2020, and the bonds were listed on the Luxembourg Stock Exchange.
The offering was a takedown from the Philippines’ shelf registration statement under Schedule B. The issuance is a landmark transaction for the Philippines having priced its lowest coupon euro issuance in the international capital markets. Proceeds from the issuance will be used for the Philippines’ general purposes, including budgetary support.