Philippines’ $2.35 Billion Offering

May 5, 2020

Cleary Gottlieb represented the joint bookrunners, Citigroup, Credit Suisse, Morgan Stanley, Goldman Sachs, Standard Chartered Bank, and UBS, in a SEC-registered dual-tranche offering by the Republic of the Philippines (Philippines) of $1 billion 2.457% global bonds due 2030 and $1.35 billion 2.95% global bonds due 2045.

The offering closed on May 5, 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 for a 10-year and 25-year benchmark issuance in the international capital markets. Proceeds from the issuance will be used for the Philippines’s general purposes, including for budgetary support.