Philippines in $1.5 Billion Debt Offering

January 14, 2019

Cleary Gottlieb represented the joint bookrunners, Bank of China, Citigroup, Credit Suisse, Goldman Sachs, J.P. Morgan, Standard Chartered Bank, and UBS, in an SEC-registered offering by the Republic of the Philippines (Philippines) of $1.5 billion 3.75% global bonds due 2029.

The offering closed on January 14, 2019, 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. It is the first emerging market sovereign USD bond issuance in 2019. Proceeds from the issuance will be used for the Philippines’ general purposes, including budgetary support.